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.
30 comments
Write a commentRelated Articles
L.A. housing crisis looms over March 7 ballot measure
Because of its extreme housing costs, California has emerged as the epicenter of American poverty, and Los Angeles is the
Protests erupt at Nestlé bottling plants in Sacramento and L.A.
Earlier this week, local California activists and concerned residents led protests against Nestlé at bottling plants located in Los Angeles and Sacramento.
Boxer right vs. GOP on general
All three Republican candidates for U.S. Senate are blasting Barbara Boxer over her run-in with Brig. Gen. Michael Walsh. Here’s
“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.
Tis the time to merry with good cheer. Sugar plums. Apple Jack. Snowball cookies!
The poor Donkey….this piece will blow his mind.
On the last day of Christmas my city gave to me,”3% AT 50″!! I love it!!
I hope you collect on it. In Illinois pensions are only 25% funded.
Hopefully, it is your last day of Christmas. May you choke on a bone during Christmas dinner. Seasons Greetings.
Hah, good one des!
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!
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.
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….
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. 🙂
“freedoms lens”
Is that a standard accessory on a tin foil hat?
It’s symbiotic, not parasitic.
And the glass is still half full.
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. 🙂
Gruber was right, some Americans are very stupid.
S&Md, my Parrot II, stands out as one of Gruber’s finest. 🙂
I thought I was your parrot girlfriend?
You are Parrot #1 TCS, and I have told you many times , I already have a GF. 🙂
Stop worry. Eat Posole!
Your future is bright doomers. Legal immigrants will boost the economy and bring in taxes.
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…
Disgusting post!
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?
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!
Billy Goat has me laughing!! 🙂
I LOVE Posole!
Is that anything like steamed pelosi, Teddy?
Huh?
No– it’s a meat soup kinda thing– yummy!
It’s hard to find a really good pozole. There used to be a place across the street from the mission in San Juan Capistrano, but I think it’s now closed.
small place on harbor in fullerton just south of the downtown area— awesome
and no doomer allowed!
Thanks, T!
Viva ‘ Posole!!!!!
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.