Posted on 12/27/2016 5:20:54 PM PST by SgtHooper
For the first time in its 85-year history, the California Public Employees Retirement System, CalPERS, is drastically cutting benefits for public retirees. Starting January 1st, four retired City of Loyalton public employees will have their pensions cut 60 percent. For 71-year-old Patsy Jardin, that means her pension will drop from about $49,000 a year to a little more than $19,000.
(Excerpt) Read more at foxbusiness.com ...
And don’t forget, starting in 2020 all new construction has to be net 0 energy! :-)
Good news. BFL
The max ssi payout is about 31,000 per year. Cap pensions at that and figure out the the shortfall. Then cut spending to cover any remaining short fall. Public employed pensions are outrageous.
San Francisco gets only about 200 days a year of sunshine.
How fitting.
Apparently contracts entered into with the sovereign entity of the state do not have to be honored.
I actually met a guy who was a firefighter in Oakland. It was 2013 and the previous year he made $206,000.
He would go and live in the station house for 7 days at a time. He was “on” 12hrs per day and “on call” for the other 12.
Hourly. With overtime. Just waiting for the bell to ring.
He was about to retire at 50, collecting 80% of his highest 3 pay years. For life. And all medical for him and his family, paid.
Yup, specially since CALPERS was heavily invested in hedge funds that went belly up .....
“A contract is a contract.”
No it’s fraud. The government committed fraud on it’s employees by making promises it KNEW it could never keep, and on the taxpayers by defrauding them of their money for a known fraudulent Ponzi scheme.
Before any pensioner gets any money, people, and large amounts of them, need to go to jail.
” I see they spent $64 billion on an unneeded train to nowhere they could have spent on the pension, for example.”
Fraud again. Jailtime first, pension payments (greatly reduced) second.
Only private employer pensions are covered, not government pensions.
I agree with the second paragraph of your post completely.
However, read post #66 and tell me if you think that contract should be honored?
Just a sidebar. California didn't promise anything. It can't because it is inanimate. It was the crooked politicians and buearucrats that did the promising.
Looks like Patsy is gonna have to relocate to Kansas or North Dakota.
The government of California made those promises. The voters of California didn’t hold them responsible - indeed, they voted for more of the same to the point that there are no more Republicans in statewide offices and basically no Republican Party in the state any more.
Yes. If CA was stupid enough to make the promise, CA should be made to meet the promise or go bankrupt.
“Looks like Patsy is gonna have to relocate to Kansas or North Dakota.”
She’s still a beneficiary of Government Privilege: most Americans have NO pension.
So a bunch of people seem to think.
“Yes. If CA was stupid enough to make the promise, CA should be made to meet the promise or go bankrupt.”
It wasn’t stupidity; it was fraud.
Government officials, need to go to jail.
This is NO different than Bernie Madoff.
No mention of city managers and assorted folks making way over 100K pensions at age 50.
BTW, I'd absolutely LOVE to have a "paltry" 49K/yr pension.
You'd need millions in reserves to generate that.
Somehow I doubt Patsy contributed millions during her career.
They want to give free stuff to illegals, then let them pay the price.
This is what they get for voting Democrat.
They deserve it.
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