CalPERS retirees soon to surpass workers

CalPERS retirees soon to surpass workers

Outgoing San Jose Mayor Chuck Reed, the Democratic pension reformer, has a great joke. He says that, soon, his city will have a single employee; whose only job will be to mail pension checks to retirees.

CalPERS is gettin’ there.

Reports Calpensions.com:

In a few years CalPERS retirees are expected to outnumber active workers, a national trend among public pension funds that makes them more vulnerable to big employer rate increases.

A mature pension fund for a growing number of retirees becomes much larger than the payroll. So if the pension fund has investment losses, an employer rate increase to help fill the hole takes a bigger bite from the payroll.

The growing number of retirees, partly due to aging babyboomers, is one reason a staff report last week argues that CalPERS has too much “risk” and should consider a number of options during a board workshop early next year.

The “employer” stuck with the “rate increase,” of course, is the California taxpayer.

Those who haven’t left.

Texas welcome sign

30 comments

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  1. ECK
    ECK 5 December, 2014, 18:18

    “Cue music from “Jaws”! No hyperbole here. It’s gonna be bad when it hits. Chances that any thing will be done about it in this, “all Democrat, leftist and living in a dreamland utopia” state, zero. All my wealth is kept outside of CA.

    Reply this comment
  2. Queeg
    Queeg 5 December, 2014, 19:39

    Tis the time to merry with good cheer. Sugar plums. Apple Jack. Snowball cookies!

    The poor Donkey….this piece will blow his mind.

    Reply this comment
  3. NTHEOC
    NTHEOC 5 December, 2014, 19:47

    On the last day of Christmas my city gave to me,”3% AT 50″!! I love it!!

    Reply this comment
  4. desmond
    desmond 5 December, 2014, 20:23

    Hopefully, it is your last day of Christmas. May you choke on a bone during Christmas dinner. Seasons Greetings.

    Reply this comment
    • NTHEOC
      NTHEOC 5 December, 2014, 23:20

      Hah, good one des!

      Reply this comment
    • SeeSaw
      SeeSaw 6 December, 2014, 11:51

      Why don’t you go join ISIS, Desmond, you light up so gleefully at the thought of doing away with others, because you don’t agree with them!

      Reply this comment
  5. Ronald Stein
    Ronald Stein 5 December, 2014, 21:07

    The inmates are running the Asylum. The major problem is that most current public employees are guaranteed defined-benefit plans, under which their benefits are guaranteed no matter how well, or badly, the underlying pension investments perform.

    Public sector contracts negotiated by public sector employees that hammer out a contract that forces under duress a third party, taxpayers, to cough up the necessary dough, doesn’t seem too pass the smell test. In fact, it more closely resembles racketeering. Any challenges to that “racket” would be heard before judges who have pension and benefit package they want to protect. Again, seems like a racketeering cover-up right before our public eyes.

    Reforms could include, at a minimum, a shift to defined employee contributions plans, rather than defined benefit plans, for new hires, under which employee contribute a certain amount, usually with matching contributions from the taxpayers. The final pension payout then is not guaranteed, but depends on how well the investments perform. The taxpayers are not on the hook for poor investment performance.

    Reply this comment
  6. T Mind of Ted Your God
    T Mind of Ted Your God 5 December, 2014, 22:12

    And over time the fund has performed at a very high level
    and contributions increased by all
    of course actuaries saw this……Zzzzzzzzzzzzzzzzzzzzz another dog bites man story on CWD

    Zzzzzzzzzzzzzz

    cue the trolls in 3,2,1….

    Reply this comment
  7. Donkey
    Donkey 6 December, 2014, 07:39

    The mind of the RAGWUS feeding slave dolt says, “It is legal to steal from the taxpayers”, the mind of those who see life through freedoms lens says, “Is it right!”
    The RAGWUS numbers are reaching the point of no return. No matter how much the feeders cry their pensions will die in the same manner the parasite passes, by killing its host. 🙂

    Reply this comment
    • S Moderation Douglas
      S Moderation Douglas 7 December, 2014, 09:06

      “freedoms lens”

      Is that a standard accessory on a tin foil hat?

      It’s symbiotic, not parasitic.

      And the glass is still half full.

      Reply this comment
    • Donkey
      Donkey 7 December, 2014, 09:55

      No the glass drying up S&Md, and RAGWUS feeders are parasites anal one.

      The numbers are fast approaching, not long to go, keep retiring with those $80, $90, and $100,000 pensions RAGWUS feeders you will soon reach the $100 billion a year cost, I will not be saying I told you so, but Gruber was right, some Americans are very stupid. 🙂

      Reply this comment
  8. Ulysses Uhaul
    Ulysses Uhaul 6 December, 2014, 08:23

    Stop worry. Eat Posole!

    Your future is bright doomers. Legal immigrants will boost the economy and bring in taxes.

    Reply this comment
  9. Bill Gore
    Bill Gore 6 December, 2014, 08:28

    Visualize feeder/sucker dying tapeworm segments (scolexes) being passed in the stool of the California electorate, wriggling briefly in the harsh sunlight before they go still, neva to feed nomore…

    Reply this comment
    • SeeSaw
      SeeSaw 6 December, 2014, 11:53

      Disgusting post!

      Reply this comment
    • T Mind of Ted Your God
      T Mind of Ted Your God 6 December, 2014, 12:04

      LOL Billo—- been waiting for calpers to go bust for almost 20 years—-lol zzzzzzzzzzzzzzzzzzzz

      almost 300 Billion baby!
      Did you make poor life career choices like the rest of the trolls out here?

      Reply this comment
    • ricky65
      ricky65 6 December, 2014, 19:45

      Jeezus, Bill, its almost Christmas fer crying out loud.
      That’s a graphic image as vivid and disgusting as an ISIS beheading.
      Think posole …or maybe some menudo with some nice steamed tomales for the holiday season.
      As that stuttering stump Pelosi once said: Embrace the suck!

      Reply this comment
    • Donkey
      Donkey 7 December, 2014, 09:48

      Billy Goat has me laughing!! 🙂

      Reply this comment
  10. T Mind of Ted Your God
    T Mind of Ted Your God 6 December, 2014, 12:04

    I LOVE Posole!

    Reply this comment
  11. NTHEOC
    NTHEOC 6 December, 2014, 12:43

    Viva ‘ Posole!!!!!

    Reply this comment
  12. Queeg
    Queeg 6 December, 2014, 15:56

    These immigrants are even kickin out New Mexico style Posole!

    They are enriching California culture, hard working and are family orientated not aberrant metro’s with purple ear rings and Euro shoulder bags.

    Reply this comment

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