Free Republic 2nd Qtr 2024 Fundraising Target: $81,000 Receipts & Pledges to-date: $33,677
41%  
Woo hoo!! And we're now over 41%!! Thank you all very much!! God bless.

Keyword: califpensions

Brevity: Headers | « Text »
  • In Massive Blow To California Unions, A Second Court Rules That Pension Benefits Can Be Reduced

    01/05/2017 10:03:08 AM PST · by OregonRancher · 19 replies
    Zerohedge ^ | 1/5/17 | Tyler Durden
    Back in September, we noted that, in a surprisingly logical decision particularly for a state like California which is typically devoid of all reason, a court upheld the rights of Marin County (and it's taxpayers) to reduce final year salary levels utilized to calculate pension payments. The ruling was meant to protect taxpayers against "salary spiking," a practice whereby union employees artificially drive up their final year salary, by taking cash vacation payouts or 1x bonus payments for example, in an effort to game the annual pension payment they'll then receive in perpetuity. Now, according to Pension & Investments, a...
  • Bankrupt California city to resume paying pension fund, but not bondholders

    04/12/2013 9:20:33 AM PDT · by Uncle Chip · 30 replies
    Yahoo News ^ | April 12, 2013 | Tim Reid | Reuters
    LOS ANGELES (Reuters) - Bankrupt San Bernardino will resume paying into the state pension fund on July 1, but the California city will continue to renege on other debts including payments to bondholders, according to a new budget released late Thursday. Nearly a year after it halted contributions to America's biggest pension fund, San Bernardino will resume payments to Calpers at the start of the new fiscal year - but continue to not pay other creditors, according to the budget. San Bernardino will not make interest and principal payments on $50 million in pension bonds issued in 2005, according to...