The Current FReepathon Pays For The Current Quarters Expenses?
I’d almost be willing to bet that those CALPERS employees do not have an accrual sick leave policy. IOW, they use the unaccounted sick policy as vacation.
Many private companies dropped this option years ago.
But when you’re using taxpayer’s money, party on!
Cali has some impressive retirement benefits.
I remember reading how many govt retirees make over 100 grand and 200 grand per year.
The Current FReepathon Pays For The Current Quarters Expenses?
If the state used generally accepted accounting principles, then this liability would be reported and openly seen on financial reports.
That’s half the battle right there, in my opinion, as they state that this liability is not tracked or reported, and apparently is “off the books”. But it’s still an outstanding legal debt of the government, and should be on the books.
Many state governments and private companies have a “use-it-or-lose-it†policy on vacation days. A friend of mine in HR at the local state university told me that each year about one-third of the staff have unspent vacation days at the end of each year that they lose.
Every company has a use it it or lose it policy. The state workers use this as a way to boost their retirement pay that WE pay for.
What’s more absurd is that the value of unused leave is factored in to the already ridiculous pension calculation. They call it pension spiking.