Posted on 08/01/2019 3:45:42 PM PDT by artichokegrower
Median pension costs for local governments grew nearly six times as much in California as the rest of the country over a decade, according to new data compiled by a UC Berkeley professor.
(Excerpt) Read more at sacbee.com ...
For example:
Michel R Moore Title: DEPUTY CHIEF Employer: POLICE Pension: Los Angeles Fire and Police Employees' Pension, 2018 $1,483,028.77
yes that's per year
Gavin Nobrain leads the charge leading California down the tubes.
Not to worry, only boomers get these golden retirement checks. Retirement plans are not nearly generous for following generations.
Public employee unions own California - now and throughout the bankruptcy process.
“Work for the state, county, city in California for 30 years, quit while in your 50s and retire a millionaire.”
ROTFLMAO! Please pullout the retirement compensation manual and come back with the facts.
“yes that’s per year “
WRONG!
There are THOUSANDS of public employees in California who get well over $100,000 a year pensions, including a former police chief of a small town who gets $340,000 a year for two years of service.
here is how it works. The cycle of corruption
public employee union takes percentage of dues and bribes politicians they negotiate their contracts with.
Politicians raise pay and benefits leaving public out of the process.
Union takes part of the pay raise in increased dues and uses increase to increase bribes.
Rinse and repeat
When Gay Davis was Gov he put in the current formula for Peace Officers and fire fighters 3% at age 50 times years in service. IT was 2.5 at 55. When one agencies get it, like the CHP, the others like Corrections and LAPD argue they have to keep up to recruit. This is called whip sawing. Some unions have in their contract, they will receive the average of the 5 largest agencies in the state.
In order to justify the Gray Davis increase CALPers and the unions fudged on the projections. They projected the fund would gain at 7% Then the market collapsed and the gain was .25% the next year, but the benefits were already approved and not contingent on actually real increases.
Last I read, the CALPers fund has projected deficit of 149 billion for the long term.
Oh, I’m retired CAL Peace officer, but unfortunately under the old formula.
I would add Brown Ahnold, and now Nuisance all know this and they take no steps for permanent fix because the unions would eat their lunch.
You talking about Diamond Dean from the 6,000 resident metropolis of Gridley.
You talking about Diamond Dean from the 6,000 resident metropolis of Gridley.
My years spent in California were great for me, and my County (non-union) pension pays my Texas mortgage and more. No $100,000 a year though! Apparently that pension plan is very solvent although I believe newer employees than ai was may get less.
Mark my words. Everyone can post whatever they want to me and I am also angry about it, but there is NO WAY this is sustainable. They have enormous clout in DC and they will tell us we must bail them out after they drain the system.
Consider -
They want to forgive student loan debt with no thought to fairness to those who responsibly managed their debt and prioritized paying it off.
They want government health care for everyone with no thought of the penalty to those who take care of themselves, try to manage their weight, and don’t live a risky lifestyle.
They want to give everyone a house with no thought to people who struggled to buy a starter home that was within their budget and means.
Why would any reasonable person not believe “they” will bail out their #1 constituency?
Ok here’s a fact
Local police chief here in Santa Cruz retired after 30 years. He is in his 50s
Kevin M Vogel
Pension: $194,042.00
Benefits: Not provided
Total pension &
benefits amount: $194,042.00
Last Employer: CITY OF SANTA CRUZ
Years of Service 30.47
Year of Retirement 2017
You want $200,000 per year out of an annuity you would have to kick in $4 million
No prob. CALPERS is written such that if the contracted rate of growth doesn’t occur, it’s made up with tax revenue.
I came away hungry, because all I feasted on was a “server not found” message.
I live in Contra Costa County California
Here is a link to the pensions currently being paid to retired county employees. It should be noted just how outrageous the payouts are for Fire Fighters, who, like our Cops, get to retire at age 50! The only good news here is the fact that these numbers are not sustainable and they hasten the financial collapse of California, which can’t happen soon enough for me.
https://transparentcalifornia.com/pensions/2017/contra-costa-county-pension/?page=2
Cops, Firefighters and many other public unions have scammed the pension system with a practice called “spiking”. During their last year, they sell back vacation and sick leave, get fake promotions to high paying jobs, work excessive overtime, are awarded large “bonuses”and “special assignment” pay. All of this counts toward their pay for that year, and that “spiked” pay results in a pension that is 150%, 200%, or even more, than what they should be entitled to. On top of that, many get concurrent disability pay. A large percentage of those have no visible disability. When I see a politician claiming the endorsement of cops and firefighters, I know what they have promised, and vote AGAINST them.
404 error...linkee no workee.
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