The 2025-26 Budget: Concession Bargaining

May 19, 2025 - Though furloughs provide immediate savings, they increase long-term state liabilities in the form of higher leave b alances and by systematically underfunding pension benefits because, though the pension earned by state employees continues to be based on the full salary, the state ’s contribution to the pension is based on the reduced pay level.
https://lao.ca.gov/Publications/Report/5047