Please Help keep FR Independent!!
Posted on 07/07/2013 9:38:02 AM PDT by dragnet2
Back in 2005, some 1,841 retirees pulled down more than $100,000 a year in pension checks from the California Public Employees Retirement System.
By 2009, this so-called "$100K club" had more than tripled, to 6,133 members.
And by the end of 2012, membership more than doubled yet again, to 14,763.....
That's up 700 percent in less than a decade.
(Excerpt) Read more at ocregister.com ...
Lining their own pockets...Like those at the local level and those at the Fed Congress level, become millionaires while private sector wages for over 15 years remain stagnate or decline.
Tax payers get gang banged by those in government, repeatedly....27/7, year in, year out.
24/7 too!
Got sumpin against multiple organisms?
PERS! Man if I had only known. I just read the other day that the past football coach of the UNR Wolf Pack will have to get by with a paltry $402k/yr pension for 32 years in the PERS. Would have been more but apparently there’s some IRS crap in the way. Dang IRS. Guess my 36 yrs in aerospace was pretty meaningless by comparison. LOL!
Can you imagine, government 100,000 dollar pension club up 700 percent in one decade?
All this while millions of Americans lost their homes, jobs pensions, retirement etc...
One has something to do with the other.
Wonder what would happen to CALPERS if the stock market took a big drop?
They’d whine and cry until that taxpayer bailed them out.
These SOB’s are making much more in governemnt retirement pensions, than most Americans earn in the in the private sector working 40 hours per week!
Riot like they did in Greece?
I wonder what would happen to CALPERS if their unperforming loans were written off too.
No city, by law, can engage themselves into debt except through the issuance of bonds. No retirement system involving cities, school boards, etc, should be anything OTHER than a complete payoff at the end of each budget cycle of retirement money owed.
Instead of a pay upfront system, cities engaged into a pay as you go system, and vastly upgraded benefits, as of course they could promise today what someone else would have to deliver tomorrow. Compounding this error, when CALPERs lost billions divesting themselves of anything South Africa, and further in the dot com bust, every member city suddenly owed the money that CALPERs lost. For some cities, that bill was higher than the actual city budget.
CALPERs negotiated a deal where the repayment of that ‘lost principle’ could be forestalled if the cities merely pay the anticipated returns of approximately 8.5% per year. Figuring out that this was an awful deal, quite a few cities decided to issue bonds to replace this lost principle, cutting the interest payments in half, and engaging the city in even more debt.
In short order, a great number of cities found themselves in a financial tar baby involving CALPERs, and they couldn't depart the program without paying off all debts owed, and bonding for payment of future losses. Rules changes trigger this doomsday balloon payment even if the city simply chooses to exclude any new hires from CALPERs.
In the end, the looting of the public treasury has far exceeded the resources of the public pocket. The only sensible course of action at this point is simply for cities to dissolve and reform under new charters that specifically exclude themselves from CALPERs, and by extension, any contract or liability that exceeds the budgetary year without being part of a bond issuance.
Unless my math is off that would equal $14,763,000,000 (14 Billion dollars) for 2012. CALPERS budget for 2012 was $3.9 Billion.
It has taken a number of beatings, but almost every massive loss is rooted in direction from elected officials - a requirement to invest in California technology companies right before the dot com bust was a great example of legislated financial losses.
And when CALPERs fails to make the target return on investment, the people who make up the difference are the participating entities who paid less than what was anticipated to come out of the system based upon the projections of future income. If those projections are not met, then the entities ‘owe’ the difference.
So what. That means more Baby Boomers are retiring. These rules were passed in the 60’s and 70’s.....where was the outrage then?????? Chirp Chirp. I tell you the generation after baby boomers are the ones that are screwed. The baby boomers played by the rules that were presented at the time. Stop the bitching because it is not their fault. (Believe it or not....I am Generation X).
Your math is off.
Thanks
Well, for sure his retirement (former FB coach) is a whole lot more than I ever earned in a single year. Or even a few years combined with the CFO working full time too. Like I said. Had I only known. Wonder how much billy goat aires gets for retirement. He should be drawing a prison retirement.
That's when people in the private sector had secure, 40 hour per week jobs with good medical benefits and retirement pensions. They could at least pay their bills.
You obviously missed it, but since the 70s, tens of millions in the private sector have had their benefits made worthless or eliminated completely, and their wages for at least the past 15 years have been stagnant or decline...Millions can't even obtain a full time job due to the fact employers don't want to provide benefits, medical etc..
In fact in the past 7 years alone, millions have had their jobs, homes, medical benefits and private sector retirement pensions laid to waste.
You should get out of the house more.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.