CalPERS plans to seek $600 million more from the state (Bankrupt CA)

Los Angeles Times ^ | 5/18/2010 | Marc Lifsher

[mojito]

Taxpayers would be on the hook for increasing their contribution to the state employees' pension fund by $600 million a year — at a time when the state budget is $19 billion in the red — under a recommendation approved Tuesday by a committee of the California Public Employees' Retirement System.

The increase, which is expected to be endorsed by the 13-member board at a meeting Wednesday, is $400 million more than fund executives had expected to seek from the state. The state currently contributes $3.3 billion a year to employees' pensions.

The jump in the state's annual contractual payment is sure to heighten calls by Gov. Arnold Schwarzenegger and other critics for immediate action to shrink California's burgeoning pension costs.

"This is further evidence of an unsustainable pension system that must be reformed," Schwarzenegger said. "Every additional dollar we spend on state employee pensions is a dollar we take from education, health and public safety."

And CalPERS is not the only big pension system that says it needs more money from the state, local governments or school districts. The California State Teachers' Retirement System is expected to ask the Legislature and governor next year to increase its employers' contributions significantly.

[mojito]

SEIU needs more of your money, citizens of California and it's your duty to give give give until it hurts, and then give some more.

There are public employees who need that down payment for that second home.

[bronxville]

The want their bread with jam. Get rid of the illegal aliens and they’d have money left over. Unfortunately the Californians are leaving in droves and they’ll make the next state just like the one they left.

[CutePuppy]

Do California (and for that matter, NY, NJ, MI, IL and other states) have any say or vote on the compensation (including deferred, such as pensions) of their public employees? If not, should not they?

States’ propositions or constitutional amendments should make it possible for voters to rein in the runaway government and union compensation packages and do away with all civilian government pensions and defined benefit plans.