Posted on 09/18/2016 4:12:15 PM PDT by NoLibZone
It was a deal that wasn’t supposed to cost taxpayers an extra dime. Now the state’s annual tab is in the billions, and the cost keeps climbing.
ith the stroke of a pen, California Gov. Gray Davis signed legislation that gave prison guards, park rangers, Cal State professors and other state employees the kind of retirement security normally reserved for the wealthy.
More than 200,000 civil servants became eligible to retire at 55 — and in many cases collect more than half their highest salary for life. California Highway Patrol officers could retire at 50 and receive as much as 90% of their peak pay for as long as they lived.
Today, the difference between what all California government agencies have set aside for pensions and what they will eventually owe amounts to $241 billion, according to the state controller.
(Excerpt) Read more at latimes.com ...
Find everyone on the CalPERS board that voted for this, the old Governor, and ALL the state Senators and Assembly critters that did this, line them up against a wall...
They are the worst criminals.
A lot of those retired California gubmint employees with huge pensions have taken their money and fled the state. They don’t want to pay California’s high taxes.
Sorry but it’s the Progressives who leave first, taking their ill gotten gains, and infecting new states. Sad but true.
I left Cal about 45 years ago. I visit my mom a couple of times a year and still love the place—but I’m grateful I got out when I did. My mom lives San Diego county and the local school district just finished building a new state-of-the-art high school. The district funded it with a loan that has a balloon payment of the whole debt in 20 years. I think the debt will be a couple of billion dollars. Everyone on the board will likely be dead when it is due, but someone is going to have to pay and I don’t think they’re going to be happy about it.
Amazing that there's no lynchings going on...
I left California in 1985 after nearly 20 years in San Francisco. Since then I have lived in Texas and Florida and I do not miss the California income and capital gains taxes on iota.
There is life after California.
Sell your California property at an inflated price and move to some great places in flyover country where the housing prices are one half the ridiculous house prices in California where you lay awake at night wondering when the next earthquake will happen.
No government employee Unions and no taxpayer funded pensions.
No government employee Unions and no taxpayer funded pensions.
Just borrow some money from Puerto Rico.
State worker salary database from the Sacramento Bee.
Scroll down to "Explore Departments", click on it, and get an education as to why they are in such a mess.
Exactly! If the pension was 90% of a meager “public servant’s” pay, then maybe the pension wouldn’t be that big of a deal. But that’s not the case. California pays their public employees extremely generous salaries to start with.
it didn’t go “wrong” it went exactly as planned...
After all; “It’s for the Children”
You are absolutely right. The weather in Texas is not fit for Man nor Beast.
There are much better places to retire to.
and then try to change other states...
I want one rule...that anyone receiving a state pension must live in that state...forever....
They have 2 versions of pension returns. The real one and the pie in the sky one.
Unfortunately the taxpayers are paying for a lot of pie for the retirees while they do not even get scraps for themselves.
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