Posted on 04/10/2017 11:56:20 AM PDT by Oldeconomybuyer
California cities and counties will see their required contributions to the largest U.S. pension fund almost double in five years, according to an analysis by the California Policy Center.
Including the costs paid by cities and counties that run their own systems, the fiscal 2018 tab will be at least $13 billion to meet retirement obligations for public workers, according to the analysis, which is based on actuarial reports and audited financial statements.
Barring any changes to pensions, "several California cities and counties will find themselves forced to slash other spending," the group wrote in its report. "The less fortunate will simply be unable to pay the bills they receive from Calpers or their local retirement system."
(Excerpt) Read more at bloomberg.com ...
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.
Public employees own this state and all the legislative apparatus.
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?
Every clerk, meter-maid, town laborer & on & on a millionaire these days using the property taxes on your home like an ATM machine....quite the scam.
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.
Their "fair share" of funding their own pensions would be a drop in the bucket to what they receive at retirement.
How many public employees paid in enough of their OWN money to have six-figure pensions?
It would take MILLIONS of dollars to generate that.
Per retiree.
Nice gig if you can get it.
I will never have a pension at all, but I will have to pay out the nose in taxes for others to have a nice retirement.
California politicians will just raise taxes to pay for their fat pensions at the cost of California’s serfs own savings.
it’s not just California....all local, state and federal employees are over compensated.
I resent having to work till I’m 70 to pay for a firefighter that retired at 50. and please don’t tell me how dangerous a firefighter job is...it’s not anymore dangerous that being an electrician.
Well, any help we can get would be better than me paying for it.
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