Posted on 11/29/2015 6:52:16 PM PST by Lorianne
xperts have warned for years that the state's largest public pension plan has overestimated how much its investments will earn, leaving taxpayers to pay billions of dollars more than expected.
Now the board of the California Public Employees' Retirement System is reconsidering. As soon as Wednesday, the fund's board could approve a plan that would slowly reduce to 6.5% the current 7.5% it says it expects to earn on its investments.
For taxpayers, that seemingly small change is significant.
Consider the average California Highway Patrol officer who now earns $105,000. Taxpayers currently contribute $47,000 a year for that officer's pension.
If calculated using an expected investment return of 6.5% instead, according to CalPERS documents, the taxpayer contribution would be $68,000 — an increase of more than 40%.
(Excerpt) Read more at latimes.com ...
“Contribute” at the point of a gun....
To quote two famous philosophers:
1. Surprise, surprise!
2. Duh.
So what happens when a critical mass of the taxpayers just move out of California?
Gomer Pyle, “Surprise, Surprise, Surprise”
Atlas shrugs. That’s what.
People are already leaving California. The more they hike the taxes, the more free people will decide to leave. Calpers will be very surprised that Californians can say no. Republicans should be out there explaining what is going to happen and winning legislative seats.
Let’s see if I have this figured anywhere near right....the public citizen will retire on Soc. Sec. while the public servant gets a fat pension.
And many of them with healthcare coverage for life - that’s the real crap shoot these days.
Illinois is guaranteeing 8%. And the Supreme Court of Illinois says that they cannot guarantee less. So, California is not going to be the first to go over the cliff.
I never said they would be.
Government worker unions need to be outlawed.
If I didn’t have an 84 year old mother here a grandson and a granddaughter on the way, me and California and the liberals and reconquistas would be friggin history.
CALPERS, the Pension too big to fail.
Ditto. Been saying. They are a direct conflict of interest.
I figured out the scam and left CA in Dec 2000. My property taxes were subsidizing the Chargers and stadium. State income taxes supporting posh pensions for state employees. Meanwhile, my retirement is based on a 401k that I'm funding with no taxpayer money to shore it up. Getting myself out of the line of fire before my retirement is taxed even more was important.
I went to school with the wife of the recently retired county assessor in San Diego. His retirement pay is more than I earn working full time. Politicians hit the jackpot and retire comfortably.
They will be replaced by the smartest and brightest that Mexico has to offer. Gardeners and drug dealers will save California.
Funny that the public servants who want illegals are now looking at those illegals paying for their pensions. I wouldn’t sleep at night.
govt workers again...
the people leaving Cal are the retirees getting their big payoffs but not having to live in the mess they themselves help create....
the whole problem could be solved instantly if Cal demanded that its retirees LIVE in California so they get to pay the property taxes, etc...
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