Posted in the Richvale Forum
#85 Mar 26, 2014
Can anyone tell me if the Calpers liability spoken of by "local" and " the right is wrong" is all one fund or multiple funds. For example, Calpers manages the retirement account for the Iaff and Chico. Is that an individual separate fund or just part of an overall underfunded pension fund. And where can I go online to research the information? any is greatly appreciated.
#86 Mar 26, 2014
"You posted something that was not only untrue but made up whole cloth." BUT you say what I said was only an inflation of the facts, you're dumb....but I imagine you make up ALL of your definitions Check your dictionary liar,
YOU fabricated a whole new definition for yourself which makes YOU the bearer of "whole cloth." If you're going to accuse someone of something at least have the brains and common sense to check your dictionary first, stupid. But people like yourself will just ignore any new facts in order to live in their fabricated world.
But I do agree: You're just a whiner looking for something to whine about. Moron! Maybe now that I posted something incorrect (according to you) people will notice what a big t___ you are? So be it. In fact, you show so little respect for others I wonder why you don't just get the hell out of here?
#87 Mar 26, 2014
I hope you both continue to contribute to this thread. I would rather you both focus your knowledge and energies on finding ways to solve this problem. I'm not asking you to kiss and make up, nor to shake hands and make up. I'm asking you to point out errors and offer insights without insulting or name calling. I too am prone to "shoot from the hip" ( maybe "shoot from the lip" is more accurate). When I do it, call me on it. I have no desire to remain stagnant and mired in preconceived notions. Let's become aware, make adjustment, and move forward on getting rid of these leaches.
#88 Mar 26, 2014
Vallejo, California, Likely Headed for Second Bankruptcy
A close look at the city’s finances at the time indicated what the city council was up against: With a budget of just $80 million, it owed $53 million to bondholders and another $220 million in unfunded liabilities for the city’s generous health benefit and retirement plans for its police officers, firemen, and other city workers.
And what of those pension plan beneficiaries? Never before had a judge ruled that labor contracts can be broken in a Chapter 9 bankruptcy until U.S. Bankruptcy Judge Michael McManus ruled in March 2009 that Vallejo could do so. Following that ruling two unions agreed to renegotiate. Two others didn’t. CalPERS [the California Public Employees’ Retirement System], the custodian of funds for those two plans, said it would not negotiate because California state law makes it a part of the state and therefore it cannot be forced to negotiate, regardless of McManus’ ruling. Said Gomes:“We realized we did not have the time or the money to take on a giant behemoth like CalPERS.”
Calpers will not negotiate with Vallejo because they are guaranteed full payment through the state of Calif.
The Pension Fund That Ate California
CalPERS’s corruption, insider dealing, and politicized investments have overwhelmed taxpayers with debt.
California taxpayers help fund CalPERS’s pensions and ultimately guarantee them.........
CalPERS has the exclusive power to determine the size of state and local governments’ contributions into the fund.
#89 Mar 26, 2014
Agenda with audit report
Meeting video including agenda and reports:
Click item 4.1 and the video will go directly to the start of that agenda item. Click item 4.1 just below the agenda reference and the audit documents open in the window to the right.
¿Transparency? Si. Claro.
#90 Mar 26, 2014
Can you expand on the last sentence " CalPERS has the exclusive power...etc." Shouldn't there be formulas in place to determine funding based on current and projected future pension liabilities (ie; keeping the fund adequately funded). And wouldn't those projected future liabilities be reduced if we got control over Firefighter overtime/pension spiking? Please don't misunderstand me, I too Want this insane cost spiral to end. I'm looking to see if there are outside influences that can be utilized to keep an eye on CalPERS. Here again I"m not after public employees who make $50,000 and stand to retire at 70 to 80% of their regular pay. I'm after police and firefighters who make $90,000 and more who will collect 90% or more of their regular pay in retirement.
#91 Mar 26, 2014
California Constitution, Article XVI, Section 17, under which (as amended by Proposition 162) "the retirement board of a public pension or retirement system shall have plenary authority and fiduciary responsibility for investment of moneys and administration of the system".
California Government Code, Title 2, Division 5, Parts 3-8 (i.e., Sections 20000-22970.89). Among other parts, Part 3 covers the administration of the retirement system including membership, contributions, and benefits; and Part 5 covers the Public Employees' Medical and Hospital Care Act on health benefits.
California Code of Regulations, Title 2, Division 1, Chapter 2, Sections 550-559.554.
When the public employees own the state level politicians through election campaign contributions, laws are enacted that favor public employees and punish taxpayers. We are there.
Quit voting for anyone who accepts large money from public employees and then perhaps things can change.
Until then? Hold onto your wallet.
#92 Mar 26, 2014
I think there are a lot of things that can be done TODAY that would shore up Cal -Pers.
First, make every government agency that contracts with Pers start paying their share, not just what is withheld from the employee. No more of this" we promise to make -up/pay any shortfall like San Diego and Orange promised and who then claimed they couldn't pay it.
I like to use those two government as examples because they're hard -core repubicans who have shafted everyone in CA.
Next, let's put a cap on compensation for new hires. If the fornicating cops don't like it they can go somewhere else cause there are lots of people wanting their jobs.
#93 Mar 26, 2014
thanks, will look more closely
#94 Mar 26, 2014
thanks for your help
#95 Mar 28, 2014
Everybody's moved on and yet here I am again. The letters section of the ER has a good letter from Paul Ellcessor in favor of Police unions It is true the police unions aren't responsible for the financial crash of 2008-2009. The real estate bubble's bursting significantly reduced Chico's revenue stream.And then losing redevelopment funds from the state just added to the problem. While Chico and a lot of it's citizen lost significant income, the police and firefighters pay and benefits remained opulent. Chico has absolutely no flexibility to respond to significant losses in revenue when it comes to the the two highest payed unions, which drain 80% of Chico's budget. I was not positively impressed with Stephanie Taber's and Sean Morgan's snotty attempts to lay the blame at the foot of the liberals during the City council meeting. As I've said befor these two unions vote conservative and support conservative candidates, and have carved out a very safe haven for themselves by doing so
#96 Mar 28, 2014
Why did you omit the fact that the top 2% didn't see a significant loss of income and in fact have seem their income go through the roof?
#97 Mar 28, 2014
You really are a dope.
Cities and Counties ARE paying their share. That is why most cities/counties have horrible roads and they are broke. This shouldn't be difficult to understand even for a lamebrain like you.
The giant sucking sound that you hear is Public employee pensions/healthcare(Calpers, Calstrs, UCR) taking money away from all areas of the state government(s)at an alarming rate.
Of course, liberal morons like you and moonbeam do not want to talk about this 900 lb. elephant in the room.
Don't expect rational folks to remain silent.
#98 Mar 28, 2014
Fact: No police or firefighter in chico gets overtime that is PERSable. It is ONLY based on their base salary!!!
This is a classic example of how you allow TROLLS it affect your thinking! You are sheep if you take anything on here for truth, including mine... Look it up yourself.
Where do I read the firefighters crying? I haven't seen it yet???
#99 Mar 28, 2014
Could you enplane then how our local firefighters are able to retire at 100% and above of their regular pay (IE no overtime included). This is not meant to sound like an insult. I'm not into insulting people. The CNR article several weeks ago showed a retired fire captain collecting over 100% his regular pay in retirement.
#100 Mar 28, 2014
My claim in earlier posts on this thread is that the formula used to calculate firefighter pension includes, age, years of employment, and pay for highest paid year. By spiking overtime Chico firefighters are able to double their regular pay so that their pension is typically more than 100% of their regular pay. if as you say only their regular pay is put into the formula their pension should never be above 90% of their regular pay
#101 Mar 28, 2014
It's easy I've worked with state employees who started with the state when they were 18 and worked 50 years. At 3% of their ending salary times the years of service and you get 150% of your final salary. Each agency bargained for different percentages and time frames.
I got 2.5% at 30 years.
Oh, and none of my overtime counted, it was my base salary.
Yes, I think 3% at any age with say 20 years is over the top and excessive..
#102 Mar 29, 2014
So firefighters would be able to receive a percentage (4%)of their highest paid year times the number of years of service?
#103 Mar 29, 2014
If that's what their contract is. The highest I've heard of in CA is 3% and that was for cops. In fact If I remember correctly all cops in CA get 3%, some at 20 years, some when they reach an agreed upon age.
#104 Mar 29, 2014
Pension reform is coming.........there will be NO choice.
RIW thinks that a contract is a contract.
If the contract you were granted is with an entity that goes files for bankruptcy, all bets are off.
Just ask the public workers in Vallejo, Stockton, San Berdu, and most recently.......the City of Detroit.
The racketeering that has occurred between liberal politicians and public employee unions hasn't even come into play......yet.
Eventually it will as Calif. continues to slowly deteriorate while taxes continue to rise.
The dye is cast and nothing can stop it.
CalPERS $100,000 Pension Club Saw Explosive Growth in 2012; Total Membership Is Now Almost 15,000
Failure to Repeal Pacific Grove's Massive Pension Increase Makes Bankruptcy a Certainty (letter- John M. Moore / Monterey County Daily)
Debt Catches Up to Chico, California's City Government (Ashley Gebb / Chico Enterprise-Record)
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