very easy to find the ABUSES in the system
Number of pensioned public retirees in California’s $100K Club skyrockets – Chico Enterprise-Record
SACRAMENTO — Back in 2005 — when Disneyland turned 50, George W. Bush began his second term in the White House and Microsoft released the Xbox 360 — a mere 1,841 people collected pensions exceeding $100,000 a year in the massive California Public Employees Retirement System.
By 2009, when Barack Obama was inaugurated and Chesley Sullenberger landed an airliner on the Hudson River, this so-called $100K Club had more than tripled, to 6,133 retired workers.
In 2013, when Nelson Mandela died and Prince George was born, membership had nearly tripled again, to 16,838.
And in 2018, the number of public retirees collecting pensions of at least $100,000 a year skyrocketed to more than 26,000, according to an analysis of CalPERS data by the Southern California News Group.
Heading the group was a Santa Clara County attorney who received $935,028 in 2018 thanks to lump-sum payouts, CalPERS said.
Big pension payouts are a function of generous retirement formulas approved by city councils, school boards, county boards of supervisors and the state in the halcyon days after 1999, when retirement systems were “super-funded,” governments halted payments, and actuaries said sweetened benefits would cost next to nothing because earnings on investments would essentially pay for them.
Former Democratic Assemblyman Joe Nation, now a professor at Stanford University’s Institute for Economic Policy Research, examined 14 public agencies and found that their average annual pension payments
grew a stunning 400 percent from 2003 to 2018, while their operating expenditures grew only 46 percent.
and is any union offering to renegotiate these?
Under official, optimistic return assumptions, total public pension debt in California stands at $285 billion, or $21,846 per household. When Nation assumes far lower returns, that debt surges beyond $1 trillion, or $78,334 per household.
did they cause it all? no....should they help clean it up?