Katie Couric's Notebook: Pensions

As salary shenanigans in Bell, California, grab headlines - a better glimpse of the impending public employee pension crisis can be found in Colorado.

Ron Lieber of The New York Times describes how that state is trying to bridge the gap between what it promised state workers - and what it can actually afford to pay.

Colorado enacted a pension overhaul bill that, among other things, reduces the amount retirees can get in their annual cost of living raises.

Nowadays, as many private companies have eliminated or reduced pension plans, and most of us have only a 401K, if that - it may be time to re-examine public retirement programs?

Teachers and firefighters make sacrifices.  They provide a service to our communities and they were made a promise on which they built plans for the future.

But the reality is, something needs to change to protect the futures of the next generation of teachers and firefighters, as well.

That's a page from my notebook.

I'm Katie Couric, CBS News.