Posted on 09/14/2016 9:17:29 PM PDT by artichokegrower
The University of California’s debt has ballooned to $17.2 billion since the start of the recession, more than doubling as the system borrowed to repair buildings, fund pensions, and build medical centers and student housing.
(Excerpt) Read more at mercurynews.com ...
Read it and weep. Starts off with a UC employee getting a pension of $354,469.44 per year
http://transparentcalifornia.com/pensions/2014/university-california/
2014 pensions for University of California
Yes, fund pensions. Notice how they tried to hide it in a word sandwich.
Perhaps those are lump sum pension amounts and not annual pension amounts.
No, these are annuals.
Back around 2008, they had some chief of security retire at at campus in San Fran....at the time, I think she was making around $220k a year. So, the campus had a chance to hire a full-up replacement but refused to do so. The number two filled in and did the job for roughly 12-to-18 months, then he reached retirement and left....collecting his $150k a year pension.
The University then did this odd thing....they brought back the former chief (the first person) and re-hired her. Salary got bumped up to around $260k and here’s the kicker. By state law....she didn’t have to halt her pension checks. So she was collecting $150k a year on the pension and the regular job pay as well.
There is a bubble growing here and sooner or later, it will crash. Might take ten years....maybe twenty, but it’ll reach a stage where a kid requires $60,000 a year to attend a state university and the money just isn’t there.
You might be right. Sometimes a pension plan allows a just-retired person two options: Leave all your money in the plan, and get a higher annual pension. Or take a portion out, and get a lower annual pension.
California is headed down hard
California’s unfunded pension debts may be larger than acknowledged
http://www.sacbee.com/news/politics-government/politics-columns-blogs/dan-walters/article100871752.html
They need to cut salaries way down. They are ridiculous and unsustainable.
Yeah, I can see that happening. So glad our kid managed to get a BS out of the UC system in three years. That was a couple of years ago, and I suspect the annual costs have already spiked since.
I attended UCSD-La Jolla in 1985.
The state is screwed regardless of who is elected.
The mentally ill leftist and those with bad intent have ran the state for decades and drove it straight into a ditch. The state, county and city government employees have been literally looting the tax payers with their opulent wages, benefits and gold plated pensions. It’s f’n obscene.
Love the weather here in the Bay Area, and like being less than an hour from the coast. But other than that, we're tired of being surrounded by intolerant liberals, traffic, and the high cost of living. But that weather in Texas ...
We all tried to warn them, Don’t hire Crappy Nappy...
She has always been a big spending liberal... As governor she decimated our states surplus in less than 2 years and then got promoted to run National Security, what a joke!
Obamanomics in action.
Those are annual pension payments
Here’s one for you
Angela Y Davis Title: Teaching Faculty
Employer: Santa Cruz
Pension: University of California, 2014 $50,672.28
“There is a bubble growing here and sooner or later, it will crash. Might take ten years....maybe twenty, but it’ll reach a stage where a kid requires $60,000 a year to attend a state university and the money just isn’t there.”
I don’t know where you live in CA, but here in Contra Costa County, the pay for firefighters has gone through the roof. The “average ff” makes upwards of $250k, virtually doubing his/her base pay with OT. The ONLY county “employeees” who make more money than the ff’s are the doctors at the county hospital and you can’t pronounce one of their names! And the ff’s “shop for the house” at the most expensive market in town. They “eat till they’re sleepy, then sleep till their hungry!”
And sadly, I am a graduate of UC Berkeley. But I just threw their “alumni dun letter” in the trash. It was a shit hole when I went there in the 1960’s and it’s gotten worse.
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