This fraud worked so well that CalPERS then went to every city and county in the state and sold them on the idea. Records show that CalPERS gave the agencies three options to value their assets. For Pacific Grove they told the cost of increasing pensions for safety employees was 25% of salary using current asset values but that the city if they used inflated asset values could tell the City Council the cost would be 2% of salary. So what numbers do you think staff showed the City Council?

The big problem that needs to be solved is we have people who benefit from the system running the system.

Yes Dick C- should be restricted to same aged wife not some Young wife or kept man husband looking for a meal ticket for their lifetime as well- this CalPERS is so out of Control – just let them fail in Bankruptcy under their own greed…

Absolutely right, and I The ridiculous perk of. Ring able to retire at 50 or 55 just ups the persons taking early retirement, only to go back to work for other Cities for a 2Nd pensions to double dip greedy moves….should be a 30 year vesting to get maybe 50% pension , and not spiked in last 5-10 years rate, more a weighted average of say 2/3 into retirement vesting wage.
It has been so greedy by Unions and Employees in CalPERS- I say renegotiate contracts back to 65 retirement age or let the Cities file Bankruptcy to flush those bad contracts out. let them collapse on their own selfish foundations- just Pyramid schemes anyway- no future generations can support their greedy structures.

The vast majority of the CA electorate is either too afraid or too lazy to be informed. They spend more time maximizing entertainment over responsibility.

Those retirements are insane. I fear our public servants have become our public masters.

Very true, but as they say, the best time to plant a tree is 20 years ago. The second best time to plant a tree is today.

That is not correct if cities declare bankruptcy and are forced to reorganize and trim promised benefits in FEDERAL bankruptcy court. The bankruptcy judge in Detroit’s bankruptcy dispelled the myth that state constitutions that require taxpayers to fund whatever amount has been promised. Pensioners current and future all took a big financial haircut, and there was nothing state legislators, the governor, CalPERS attorneys (they were an interested party in the ruling, for obvious reasons) or anyone else could do about it.

Public employee unions will eventually be shown to have been too greedy, and they will lose it all.