LA, CA still avoiding pension reality

The ultimate pension reform is Detroit-style bankruptcy, with retirees getting less than what they are owed by contract. As the NY Times reported on July 22:

“DETROIT — Coming to terms with what came to be seen as inevitable, this city’s public-sector retirees have voted to lower their expected pension benefits, a crucial step in the city’s plan to emerge from bankruptcy before the end of the year.

“The result, announced late Monday night, came after two months of court-required voting.

“The balloting revealed a belief by current workers and retirees that the city’s offer — as much as 4.5 percent cuts to some pensions and diminished future cost-of-living increases — would be even worse if this one was rejected.”

Note: That’s for those already retired.

But here’s what’s still going on in California, according to CalPensions.com

“A labor board may have helped open a new front in public pension battles last week by overturning a Los Angeles cost-cutting reform, ruling that pension cuts for new hires must be bargained.

“New hires have been a target for lower pensions because, unlike workers already on the job, they are not believed to have a ‘vested right’ to their current pension, protected by contract law, that can only be cut if offset by a comparable new benefit.

“The five-member Los Angeles Employee Relations Board unanimously adopted a hearing officer’s conclusion that the city violated labor law by imposing a pension cut on non-sworn new hires without bargaining with public employee unions.”

The ruling will be repealed. But it’s clear that California public-sector unions and their members don’t understand yet that there just isn’t enough money for the lavish retirements they have been promised.

51 comments

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  1. Donkey
    Donkey 5 August, 2014, 21:43

    The RAGWUS has to go by the wayside if anything is going to change before the collapse. 🙂

    Reply this comment
    • T Mind of Ted Your God
      T Mind of Ted Your God 6 August, 2014, 06:53

      LOL Well Duncey I guess your kids will have to get new jobs— will they donate their pensions to charity?

      Reply this comment
      • Donkey
        Donkey 6 August, 2014, 07:28

        TCS, you are too stupid to see that the RAGWUS is a cancer eating away at savings and investment. Full of mettlesome do nothings creating work place crisis and job valuations that are not based in reality, mostly derived from greed. 🙂

        Reply this comment
        • SkippingDog
          SkippingDog 6 August, 2014, 10:11

          I’ll bet your kids just love talking with you during the holidays.

          Reply this comment
        • T Mind of Ted Your God
          T Mind of Ted Your God 7 August, 2014, 10:29

          LOL Duncey– No too sure if you ever had a real job– but I would bet the ranch that when they fired you the last time your termination papers said……you were….

          “Full of mettlesome do nothings creating work place crisis and job valuations that are not based in reality, mostly derived from greed.

          it’s just that easy folks! Slap—thwap—-thud—— Duncey bites the dust!-

          Reply this comment
          • Donkey
            Donkey 7 August, 2014, 12:46

            I see you find the truth more appealing than the lies you extend. 🙂

          • NTHEOC
            NTHEOC 7 August, 2014, 16:24

            Donkey is as Anti-American as they come!!!

          • Donkey
            Donkey 9 August, 2014, 15:38

            Ntheoc, the difference between you and I is very wide, I have integrity, I know a thief is wrong to steal, you however steal in a manner that hides your true intent. I have more respect for the actions of a private sector thief because he does so openly, whereas you RAGWUS feeders hide behind the law you have perverted!! 🙂

          • T Mind of Ted Your God
            T Mind of Ted Your God 11 August, 2014, 06:45

            Duncey–He is right— you DO SEEM Anti American little buddy. Hey– on another note, ARE you one of those whack-job sovereign citizens???

    • T Mind of Ted Your God
      T Mind of Ted Your God 9 August, 2014, 18:54

      The end is near!
      We are doomed!
      Didn’t you predict calpers bk 5 years ago twice?

      What? Wait…Ah….gee….er…..ah…..ooooopps…..

      Reply this comment
  2. S Moderation Douglas
    S Moderation Douglas 6 August, 2014, 00:30

    Nov 7, 2012

    “With Obama’s re-election, the national economy will start nosediving ”

    Jan. 3, 2013

    “Within the next few months we’ll see how hard the tax increases have sapped the economy. If history is any guide, it’s going to be bad. The reduced economic activity could end up reducing revenues to all levels of government, ironically making the fiscal and debt crises worse.”

    Aug. 5, 2014

    ” But it’s clear that California public-sector unions and their members don’t understand yet that there just isn’t enough money for the lavish retirements they have been promised.”

    Seilerisms

    “it’s going to be bad”

    Reply this comment
    • Donkey
      Donkey 6 August, 2014, 07:25

      Clueless, you really believe wealth is a concept not based in reality. Just printing paper and calling it wealth is as dumb as a RAGWUS feeder. 🙂

      Reply this comment
      • S Moderation Douglas
        S Moderation Douglas 6 August, 2014, 10:23

        RUGWAS is a concept not based in reality.

        Reply this comment
        • Donkey
          Donkey 6 August, 2014, 16:23

          Your acronym surely is, but RAGWUS is a real fact playing out everyday in the state of Commiefornia. 🙂

          Reply this comment
          • S Moderation Douglas
            S Moderation Douglas 7 August, 2014, 04:49

            “Delusional disorder, previously called paranoid disorder, is a type of serious mental illness called a “psychosis” in which a person cannot tell what is real from what is imagined.”

          • T Mind of Ted Your God
            T Mind of Ted Your God 7 August, 2014, 10:25

            That’s correct and right out of the DSM! Good dx!

          • Donkey
            Donkey 7 August, 2014, 12:42

            S&MD knows himself well! 🙂

          • Donkey
            Donkey 7 August, 2014, 12:49

            No TCS, S&MD poached it from Web MD, the truth hurts his RAGWUS feeding mind, causing blindness to the soul. 🙂

          • S Moderation Douglas
            S Moderation Douglas 7 August, 2014, 16:19

            I have no soul.

          • T Mind of Ted Your God
            T Mind of Ted Your God 7 August, 2014, 18:09

            and I traded mine in for a huge 401k.

          • Donkey
            Donkey 9 August, 2014, 15:39

            We are not talking about dancing S&MD!! 🙂

          • T Mind of Ted Your God
            T Mind of Ted Your God 9 August, 2014, 18:56

            OK– THAT was kinda funny Duncey….soul or sole?

  3. T Mind of Ted Your God
    T Mind of Ted Your God 6 August, 2014, 06:54

    Well remembered SMOD !!!

    Reply this comment
  4. T Mind of Ted Your God
    T Mind of Ted Your God 6 August, 2014, 06:55

    Oh!

    And I am pretty certain that ol Duncey ™ has predicted the “BK” of Calpers about 3 times by now!

    I never get tired of these trolls!

    Reply this comment
  5. Ulysses Uhaul
    Ulysses Uhaul 6 August, 2014, 08:34

    Comrades

    This guy sits in his Ronald Regan pj’s behind electrified gates in iffy Huntington Beach counting Benjamin’s.

    He got his and wants your crumbs and gruel too!

    Unite-

    Reply this comment
  6. S and P 500
    S and P 500 7 August, 2014, 13:44

    That flood at UCLA caused by the rupture of a 100 year old pipe should be a wake-up call for the union people that there isn’t unlimited taxpayer money out there. 25% of the nation’s bridges are seriously deficient. Maybe the union people think that the bridges have special sensors on them that will cause the bridge to fall only if union people aren’t driving on them.

    Reply this comment
  7. S Moderation Douglas
    S Moderation Douglas 7 August, 2014, 16:25

    “union people”????

    “First they came for the Jews
    and I did not speak out
    because I was not a Jew.
    Then they came for the Communists
    and I did not speak out
    because I was not a Communist.
    Then they came for the trade unionists
    and I did not speak out
    because I was not a trade unionist.”

    Reply this comment
  8. NTHEOC
    NTHEOC 7 August, 2014, 16:28

    S and P, what the hell are you talking about????

    Reply this comment
  9. toeditor
    toeditor 7 August, 2014, 19:51

    Why don t you write about Dino Cortapassi’s full page ads in major Cal. Newspapers about liar, liar? Mr Cortopassi is the ultimate doomer according to many of the posters, but to the leeches that write in.. they can’t comprehend someone what works seven days a week, holidays, has a great family, and doesn’t ride the back of others to retire as bloated parasite. Oh by the way, he made jobs for others,yes jobs where you actually have to save for retirement, rather than bill the grandkids.

    Reply this comment
    • T Mind of Ted Your God
      T Mind of Ted Your God 8 August, 2014, 13:21

      toeditor-

      What about people like Duncey’s kids who work for the gov 30 maybe 40 years and collect a pension for 5 years before they die—Are they bums too?

      LOL\You’re a joke!

      Reply this comment
    • S Moderation Douglas
      S Moderation Douglas 8 August, 2014, 14:29

      “leeches”
      “bloated parasites”
      “bill the grandkids”

      The hat trick!!!!

      I have nothing against Mr Cortopassi. Never heard of him until today. But I have had the pleasure and honor of knowing many state workers who worked hard, had great families, and retired. NOT on the backs of others. NOT as bloated parasites. And I saw nothing in Mr Cortopassi’s statement which suggested otherwise.

      His statement referred only to the actions and statements of the governor and legislature.

      He does not qualify as a doomer.

      Toeditor does, however, qualify as a doomer and/or hater.

      Reply this comment
  10. T Mind of Ted Your God
    T Mind of Ted Your God 10 August, 2014, 12:05

    Duncey,
    Now you know that’s just not true.

    Reply this comment
  11. T Mind of Ted Your God
    T Mind of Ted Your God 10 August, 2014, 21:36

    I am your mentor little Duncey!

    Reply this comment
    • Donkey
      Donkey 10 August, 2014, 22:33

      No, not even close TCS, I was mentored by people with integrity and knowledge, virtues you can’t even spell. 🙂

      Reply this comment
  12. T Mind of Ted Your God
    T Mind of Ted Your God 11 August, 2014, 06:42

    As always I have hit a nerve…..

    I have mentored you for 5 years now….

    Mmmmmmmm……nice……….seems to be working though– your RURGS are shorter and quite frankly you’re not quite as dumb as you were when you made your debut out here. I say congrats to you little buddy! You do have a long way to go though,,,,,,,,keep trying!! Reach for the stars!!!

    Reply this comment
    • Donkey
      Donkey 11 August, 2014, 09:42

      The RAGWUS came before the rurgs my little parrot, but imitation is for the weak minded to which you are a perfect fit! 🙂

      Reply this comment
  13. T Mind of Ted Your God
    T Mind of Ted Your God 11 August, 2014, 13:51

    As always I have hit a nerve…..
    I have mentored you for 5 years now….
    Mmmmmmmm……nice……….seems to be working though– your RURGS are shorter and quite frankly you’re not quite as dumb as you were when you made your debut out here. I say congrats to you little buddy! You do have a long way to go though,,,,,,,,keep trying!! Reach for the stars!!!

    I love this post!

    Reply this comment

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