I guess they will just have to raise taxes, so to be sure that the public employees get all of their retirement payments.
Jerry Brown’s gas hike will be loaned to the retirement plan and the SJWs......
California is broke.
And what did they think the new 12 cents per gallon tax increase was for? They’ll just tax something else. Maybe oxygen next time.
Have a buddy 63, living in France like a king, worked 30 years for the parks dept in a Nor Cal city and is pulling in $75K per year, average salary in france is $35K
I heard they were dropping their assumptions from a 7% return to a 6% return. Maybe in 2017 they will make that much, and possibly more, but over the last several years, they have not gotten anywhere near 7%. So this means, the districts have pay in more. Where do the districts get more? I say they should get it from the employees who are not paying their fair share.
What’s going to happen when California’s house of cards utterly collapses? Will America be required to bail out yet another foreign country?
The time to start negotiations with Mexico to buy it back was last month.
CALPERS might have to sell some of that stock they own.
originally in Bloomberg news saying how the stock market rally has helped to bail out pensions.
They could raise cigarette tax $2 a pack and solve the problem.
An additional federal income tax on deferred income of 15%?
These pensions are the way the public employee class systematically dodged progressive income taxation.
Pensions generally allow say $115,000 “earned” in one year to be taken as $65,000 in one year and $50,000 in a second year about 40 years later.
If you “earned” $115,000 for a year you should pay federal income tax on it all based on progressive taxation rates.
California politicians will just raise taxes to pay for their fat pensions at the cost of California’s serfs own savings.