Posted on 05/11/2020 1:44:11 PM PDT by WLusvardi
Happy to report that my private employer pension fund is currently funded at 187%
I’ve been enjoying it for almost 21 years.
The state employees unions are among the most powerful political forces in the state of CAL. When Gay Davis took office, peace officers and fire fighters got 2.5% of highest year salary at age 50 and 3 at age 55. That’s times the years of employment.
The unions phonied up the projections on the retirement fund investments to show a gain of 7%, however the next year’s gain was under 1%. The state, Davis and the legislature, all bribed by the unions, had already given the PO and FF unions 3.0 at age 50. This was based on the phony projections. Note: when the projections are wrong the retirement formula is not adjusted.
When the state officers get 3.0 at 50, the locals LA, SF SD etc want the same so they can recruit and keep their people. It’s a cycle. So the entire state and locals are in trouble. We have term limits and politicians don’t care what happened in 10 years, they won’t be here.
Arnold and Jerry Brown did nothing for `12 years. And nothing is being done now.
When the benefits and pay go up, the bribes go up because the unions increase their fees to the employee.
Welcome to the corruption cycle of public employment
Overtime is granted to the senior employees first and they are the highest paid.
what realistically happens when a state’s pension fund goes belly up?...
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