Posted on 11/29/2015 6:52:16 PM PST by Lorianne
xperts have warned for years that the state's largest public pension plan has overestimated how much its investments will earn, leaving taxpayers to pay billions of dollars more than expected.
Now the board of the California Public Employees' Retirement System is reconsidering. As soon as Wednesday, the fund's board could approve a plan that would slowly reduce to 6.5% the current 7.5% it says it expects to earn on its investments.
For taxpayers, that seemingly small change is significant.
Consider the average California Highway Patrol officer who now earns $105,000. Taxpayers currently contribute $47,000 a year for that officer's pension.
If calculated using an expected investment return of 6.5% instead, according to CalPERS documents, the taxpayer contribution would be $68,000 — an increase of more than 40%.
(Excerpt) Read more at latimes.com ...
And some of these people are state retirees taking their checks to Nevada and Washington and paying no income tax.
By comparison a 20 year FBI agent would make 34% of the average of his high 3, without the ability to spike his overtime.
Jerry Browns gift to the state. Signed the bill before midnight his last day in office his first term.
If they leave California they can’t vote to keep their benefits. When it comes down to it, the citizens will have the final say about whether these pensions will get paid. Right now this is a big part of the reason democrats want high immigration. Someone has to pay the bill. But immigrants aren’t going to pay these bills either. They have a place to go back to.
They sure have changed the meaning of contribute, haven’t they?
Cali is headed down the same path as Illinois gonna be ugly when it goes pop i don’t believe Illinois has much time left before the music stops
You are far too optimistic. The "public servant" gets both a fat pension and Social Security. And, the fat pension is inflation adjusted, which is almost never the case in the private sector.
Just whistling by.
Some do and some don’t. 10s of thousands of peace officers in cal don’t come under soc sec
FTA: the average California Highway Patrol officer who now earns $105,000
Snip: a highway patrol officer could retire at 50.
From a comment below the article
California Highway Patrol officer - Average Compensation $152,799
http://californiapolicycenter.org/transparent-california-releases-2014-salary-data-for-california-state-and-university-employees/
And then the retired officer, moves to another state, and spends the tax-payer’s money, in a different state.
What is breaking the back of California- is the state worker/teacher/correction officer/political office/illegal benefits for illegals and the pensions and health care, for people who have never produced a product, on their own dime.
#*&$ California
New Jersey is in the same quandary, and Christie has done well at the polls by raising the alarm about it. Whatever his faults, Chris Christie has all the right enemies. When the Asbury Park Press released the salary figures of every public school teacher in NJ, it fundamentally changed the game; the nonsense about “underpaid teachers” (who work less than half the year) was put to rest forever. They were clearly the enemy of taxpayers, not for drawing paychecks but for growing them (and their pensions/benefits) while increasing numbers of NJ homes went into foreclosure.
” So what happens when a critical mass of the taxpayers just move out of California? “
Hell No! Keep them there. They crapped in their own cages, make them live there in that mess.
Why not have the eventual recipients contribute more? That’s what the non-governmental part of the country does.
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