Skip to comments.Two-tier California pension proposal on hold
Posted on 07/15/2009 4:53:57 PM PDT by Amerigomag
California will not impose a two-tier pension system promising lower benefits to future state workers as part of any wide-ranging deal to solve its $26.3 billion budget shortfall, The Bee has learned.(multiple sources familiar with the negotiations)
The controversial proposal by Gov. Arnold Schwarzenegger has been shelved in budget talks. Carroll Wills, of California Professional Firefighters (AFL-CIO), applauded the decision to move more slowly on pension reform. "The pension discussion, to the extent it needs to take place, (should) be a deliberative process of the Legislature," said Wills.
Jim Zamora, spokesman for Service Employees International Union (AFL-CIO) Local 1000, said the union has "never thought a two-tiered pension system was the solution to California's budget problems." "We're gratified that this (proposal) seems to be on hold for now, but we're cautious because this budget process is unpredictable," said Zamora
(Excerpt) Read more at sacbee.com ...
Get ready for more taxes, fees and accounting shenanigans.
He’s the biggest girlie man of them all. Now is the time to deal the public employee unions a massive blow.
If the greedy bastards won’t agree to a two tier pension system for new hires - END it all for all of them..
All pensions to be self funded.
No more taxpayer bucks to pensioned “state blood suckers”...
Metaphorically, the public employees unions will only deal when the muzzle is at their forehead, the chamber is in battery, the hammer is cocked, the safety is off and the trigger finger is shaking. This week was the week. The Austrian blinked; the opportunity is gone.
Billions in unfunded liabilities are set to crush the next generation of productive Californians.
Tax payers work for the government and have been for many years now.
The replacement host for H. Hewitt just said on the radio that the CA labor unions walked away from the proposed deal “hands off” any deal costing THEM money.
Apparently the CA employee pension funds are guaranteed from taxpayer funds, regardless of how much losses the pension fund itself investments may gain or lose.
Now - What the simple idea of a 5% PAY CUT for government workers?
Unless CA declares bankruptcy shortfalls in CALPERS must be met by tax payer dollars. In the past few years, especially after pensions were boosted, the state has had to pump billions of dollars a year into Calpers.