Posted on 09/18/2016 4:12:15 PM PDT by NoLibZone
It was a deal that wasn’t supposed to cost taxpayers an extra dime. Now the state’s annual tab is in the billions, and the cost keeps climbing.
ith the stroke of a pen, California Gov. Gray Davis signed legislation that gave prison guards, park rangers, Cal State professors and other state employees the kind of retirement security normally reserved for the wealthy.
More than 200,000 civil servants became eligible to retire at 55 — and in many cases collect more than half their highest salary for life. California Highway Patrol officers could retire at 50 and receive as much as 90% of their peak pay for as long as they lived.
Today, the difference between what all California government agencies have set aside for pensions and what they will eventually owe amounts to $241 billion, according to the state controller.
(Excerpt) Read more at latimes.com ...
Soon we shall hear cries form LA Raza tat that "immigrant" are forced to pay for retirements of whites!
Vote Buys come home to roost.
Soon we shall hear cries form LA Raza that that “immigrant” are forced to pay for retirements of whites!
Run screaming from California, and let the Progtards pick up the tab. :)
Trust me - audit the fund and the Demcratic / union leeches will be revealed. Punish accordingly with prejudice.
Vote buys come home to roost in California. It would be easier to list the states that do not have unfunded pension liabilities.
Our daughter moved to Texas last month, and she is trying to convince us to move there after my wife retires next Spring. If it weren't for the weather ...
Nancy Pelosi says that she’ll personally cover any shortages.
Also, CalPers was a victim of State Street Bank’s (Boston) fraudulent money “management”. They settled in a payment but the damage was done. That “bank” ripped off public pension funds all over the country, it amazes me none of their disgusting managers aren’t in jail...friends of Barney Frank I guess.
This is quite a surprising article for the LA Times.
Excellent in fact.
I wonder why they did it.
You can run but you can’t hide from irresponsible bankrupt states and cities.
When the economic SHTF, the Federal Reserve and gov’t will harmonize state tax systems for national recovery.
Barrack said you gotta “eat your peas” whether you like it or not.
Research state and international tax and monetary harmonization and look what you’ll find, position papers galore...
Competing for Jobs: Local Taxes and Incentives - Federal Reserve ...
Federal Reserve of San Francisco -
www.frbsf.org/economic-research/publications/economic... Proxy Highlight
Feb 23, 2015 ... State and local governments frequently offer tax incentives to attract businesses to ... SF Fed Federal Reserve Bank of San Francisco. Search SF Fed .... Indeed, the European Union has moved in this direction by adopting tax harmonization rules and banning ... Site Policies Privacy Contact Us Work for Us.
Tax Competition Among U.S. States: Racing to the Bottom or Riding ...
www.frbsf.org/economic-research/files/wp08-03bk.pdf Proxy Highlight
Dramatic declines in capital tax rates among U.S. states and European ... Daniel J. Wilson, Research Department, Federal Reserve Bank of San .... among European Union (EU) officials over whether to impose tax harmonization measures.
RE: “Run screaming from California, and let the Progtards pick up the tab. :)”
If you’re in California and you can, MOVE! There is a financial disaster and everything you have will be in jeopardy.
yes, that 56 million that was more than paid back in fines totally accounts for the state being 250 billion underwater in their pension assets. You must be an accounting genius
With 55 Electoral votes Dems know they don’t even have to keep track of anything they do.
The other States will cover the short falls.
Yeah, we're in California. Both my wife and I (and our daughter, until last month) are born, raised, and worked in California all our lives. As I mentioned, the weather in Texas may be a no-go for my wife and I. Other than that, there is little keeping us here once my wife retires next Spring.
I reluctantly left California (my home for 40 years) last year. I do love the state as a locality, as land as diverse as the lowest desert in North America to the highest mountain in the lower 48 states. Love it for its magnificent coast line, wonderful weather, gorgeous spring wildflowers after a wet winter, and too many other things to list here. But I hate the politics of California and what the Democrats have done to the state.
I'll always miss California, though. :(
Just wait until they get hit with the next recession. They’ll be even further behind.
Now I know these employees worked and contributed to these benefits, but the California portion is simply ridiculous. A 25 year old works for 30 years, retires at 55, and can get 3% times the years served. That’s 90% folks! Even worse, we’re not talking 90% of a low, “public service” salary. These employees are paid very lucrative salaries to start with compared to the private sector.
Freepers! - What goes around comes around.
The “Administration” has rigged interest rates so that they can borrow absurd amounts of money at little or no cost. Idiots that they are, they did not realize that that the very same interest provided the funding to the pension plans. I suggest that these people all be left to their own devices, or ‘take a haircut’ like bondholders have to do. Also, dare I suggest that all the parties to the pension agreements be charged with fraud?
Few states are not affected, especially with ZIRP.
Not mentioned in the article werected the many favored that received a fake promotion their last year sometimes doubling their peak salary and thus retiring for more than they ever really earned in a year.
I'll always miss California, though. :(
This is what my wife and I are working through right now. We'll both be retired next Spring, and the decision is to whether we'll follow our daughter to Texas, who permanently moved there last month.
The weather and our love of the coastline makes this a brutally hard decision. But the people and the cost of living here are huge negatives. The fact that our daughter would love for us to move closer to her just adds to the dilemma.
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