The average full career (30 years work) pension for a retired public employee in California was $68,673 in 2015, not including benefits. This is in comparison to the average pay (not including benefits) for an active full-time worker in the private sector in California, which in 2015 was $54,326, and to the maximum Social Security Benefit for a high wage earner retiring at age 66, which in 2015 was $32,244. Put another way, the average public employee retiree with 30 years of service collects a pension (not including benefits) that is 26% greater than the average pay for a non-retired full time private sector worker, and more than twice the maximum Social Security benefit. CALPERS IS SIMPLY FRAUD!!!! STOP THIS FRAUD NOW!
Absolutly, they were paid good salaries while working. I would say most of them were paid more than the average person was in the private sector bye far. Some of these states have paid people a retirement after four years or less . All that needs to be stopped right now. Some college football coaches getting $900k for only working four years . Totally out of line to expect tax payors to go broke trying to pay these ridicous pensions. Every sate employee pension must be capped at like 36k per year max. for 20 years of service.
How will this affect the splitting of California from California to New California? It will create even a bigger deficit for Calpers. This rationalization is asinine.
Not sure if people in general are aware of this but if a city wants to opt out of Calpers there's some kind of huge payment that has to occur that is so high than most cities can't afford to do it so basically they're stuck to continue to pay Calpers to fund their pensions. In reality what would make the most sense is for cities and state agencies to say beginning January 1st 2019 we're no longer going to offer a defined Pension Plan rather it'll be deferred contribution like the private sector. But since there's this huge penalty or fee as they call it charged to cities and state agencies the agencies are in essence forced to remain in the Calpers system as it is. Then you throw in the union influence and you have this crisis..
California public pensions are outrageous. The middle class taxpayers and businesses are moving out. I don't know how this can be solved without pension reform.
I live in N.C. ... the salaries are not inflated and we contribute more than CA state employees... the money here is properly managed and the fund is healthy... its when it’s mismanaged and you have a prison guard making over 100k is a problem
I'm retiring in another 16 months with a Calpers Pension after 30 yrs. as a Public Safety Peace Officer in Ca. I'm a bottom of the barrel Officer, never promoted. My pension salary will be $90,000/yr. with another $10,000/yr. in Medical/Dental insurance, so essentially $100,000/yr. with 2% cost of living raises every yr. I ALREADY KNOW what's going to happen. Calpers along with ALL the Country's Public Sector pensions will go BANKRUPT, the Federal Govt. will pass laws allowing Judges to allow the Pension funds to 'buyout' the retirees with 1 time cashout payments. I'll be LUCKY to get $.25 on the dollar. I'll be 51 y/o when I retire. In a couple-few yrs. they'll stop paying me a monthly check and offer me a bankruptcy payout instead. I'll have to compete to find employment during the 2nd American Great Depression after the money dries up. It may only last me 5 yrs. But I'm sure Gavin Newsome will keep paying for Illegal Alien's Health Care and their Anchor Babies welfare with the money the Ca. Govt. no longer has to pay for our promised pensions. Oh so sorry, was that a racist comment?
Don't assume every state is as bad as California (NJ is the worst), in fact some states WI, SD,NY for example are very well funded. Google how well funded are pension plans in your state. California is abysmal but that is no surprise to anyone.
Mainstream media is now talking about this....so the end must be near. CA taxes are rising and middle class people are leaving. Debates in Sacramento will be getting very ugly. All those decades of CA politicians pandering to the public unions with great pensions for votes will be coming home to roost.
Whats even more insulting is managers who work only a few years but collect an entire lifetime. How is this even possible. No wonder the pension fund is failing. Dont blame the public sector employee who worked his/her lifetime contributing into the system.
in the world of pension most financial institutions and consultants want nothing to do with calPERS and the other part was they cut to the bone public employees so less people to pay in to the plan to start with but at this point it to late
I work in wastewater for a municipality and I never have and never will expect a pension. Those days are over and I think we should get 401ks like everyone else. Whenever I bring up the fact that a municipality can go bankrupt and cut the pensions, people get so mad and are living in a dreamland.
Unions (through corrupted and intimidated politicians) will make sure that pensions won't be cut, and will, in fact, continue to increase. This will be paid for by increasing taxes and cutting services, which has already been going on for years.
The problem is the big wigs are getting the lions share of the pay outs. Regardless of what the big wigs made he should receive a balanced amount as the little guy, this is fair, but the big wigs say nay, because they truly unfair .
Is object of this article to create confusion? (Supposedly these are intelligent highly educated individuals, so the individuals in charge of reporting the annual financial report should based their findings on actual facts. (No lies no speculations) Any mathematician or CPA can realize this. KPIX CBS SF BAY AREA WHY ARE YOU EMAILING ME THIS PROPAGANDA?
Jerry Brown is more concerned about giving illegal aliens money than retirees.
Coppydoublelopp Kliem He wants his stupid high speed train also.
anilomd he probably wants all his kick back money from all the construction contractors he has business with more like it.
I don't have to swallow any bitter pills
I'm leaving California
The average full career (30 years work) pension for a retired public employee in California was $68,673 in 2015, not including benefits. This is in comparison to the average pay (not including benefits) for an active full-time worker in the private sector in California, which in 2015 was $54,326, and to the maximum Social Security Benefit for a high wage earner retiring at age 66, which in 2015 was $32,244. Put another way, the average public employee retiree with 30 years of service collects a pension (not including benefits) that is 26% greater than the average pay for a non-retired full time private sector worker, and more than twice the maximum Social Security benefit.
CALPERS IS SIMPLY FRAUD!!!! STOP THIS FRAUD NOW!
Bernie Madoff went to jail for the same thing!!!
I am so grateful I was able to sell my home in California and get the hell out of liberal hell.
the pensions should 100% funded by the employees only, and if there isnt enough money to cover what people expect to bad.
Reduce the pensions and that will solve this problem!!!
Absolutly, they were paid good salaries while working. I would say most of them were paid more than the average person was in the private sector bye far. Some of these states have paid people a retirement after four years or less . All that needs to be stopped right now. Some college football coaches getting $900k for only working four years . Totally out of line to expect tax payors to go broke trying to pay these ridicous pensions. Every sate employee pension must be capped at like 36k per year max. for 20 years of service.
Yes I am 100% responsible for my retirement. Why can't state workers do the same?
How will this affect the splitting of California from California to New California? It will create even a bigger deficit for Calpers. This rationalization is asinine.
They got themselves into this and are responsible for it
Or how about make the pension go away and have these people put their own money in IRAs like everyone else.
Thanks for running up these liabilities, public worker unions!
Pensions will go to zero when the bond bubble pops.
Not sure if people in general are aware of this but if a city wants to opt out of Calpers there's some kind of huge payment that has to occur that is so high than most cities can't afford to do it so basically they're stuck to continue to pay Calpers to fund their pensions. In reality what would make the most sense is for cities and state agencies to say beginning January 1st 2019 we're no longer going to offer a defined Pension Plan rather it'll be deferred contribution like the private sector. But since there's this huge penalty or fee as they call it charged to cities and state agencies the agencies are in essence forced to remain in the Calpers system as it is. Then you throw in the union influence and you have this crisis..
California public pensions are outrageous. The middle class taxpayers and businesses are moving out. I don't know how this can be solved without pension reform.
I live in N.C. ... the salaries are not inflated and we contribute more than CA state employees... the money here is properly managed and the fund is healthy... its when it’s mismanaged and you have a prison guard making over 100k is a problem
I'm retiring in another 16 months with a Calpers Pension after 30 yrs. as a Public Safety Peace Officer in Ca. I'm a bottom of the barrel Officer, never promoted. My pension salary will be $90,000/yr. with another $10,000/yr. in Medical/Dental insurance, so essentially $100,000/yr. with 2% cost of living raises every yr. I ALREADY KNOW what's going to happen. Calpers along with ALL the Country's Public Sector pensions will go BANKRUPT, the Federal Govt. will pass laws allowing Judges to allow the Pension funds to 'buyout' the retirees with 1 time cashout payments. I'll be LUCKY to get $.25 on the dollar. I'll be 51 y/o when I retire. In a couple-few yrs. they'll stop paying me a monthly check and offer me a bankruptcy payout instead. I'll have to compete to find employment during the 2nd American Great Depression after the money dries up. It may only last me 5 yrs. But I'm sure Gavin Newsome will keep paying for Illegal Alien's Health Care and their Anchor Babies welfare with the money the Ca. Govt. no longer has to pay for our promised pensions. Oh so sorry, was that a racist comment?
Future employees should contribute much more to their pensions, that would help a lot. Also, cut out a lot of the free medical they are given.
Don't assume every state is as bad as California (NJ is the worst), in fact some states WI, SD,NY for example are very well funded. Google how well funded are pension plans in your state. California is abysmal but that is no surprise to anyone.
Mainstream media is now talking about this....so the end must be near. CA taxes are rising and middle class people are leaving. Debates in Sacramento will be getting very ugly. All those decades of CA politicians pandering to the public unions with great pensions for votes will be coming home to roost.
Whats even more insulting is managers who work only a few years but collect an entire lifetime. How is this even possible. No wonder the pension fund is failing. Dont blame the public sector employee who worked his/her lifetime contributing into the system.
in the world of pension most financial institutions and consultants want nothing to do with calPERS and the other part was they cut to the bone public employees so less people to pay in to the plan to start with but at this point it to late
Red Stater here loving watching California meltdown. No bailouts for California!
@Emanuel Fernán the largest state Ontario, Canada were controlled by Liberals they ran up the debt too. Seems Liberals everyone are idiots 🤪
I work in wastewater for a municipality and I never have and never will expect a pension. Those days are over and I think we should get 401ks like everyone else. Whenever I bring up the fact that a municipality can go bankrupt and cut the pensions, people get so mad and are living in a dreamland.
Please stop leaving your broken state and try to bring you broken idealogy with you
Give everybody back the money they invested in one lump sum, keep the interest, problem solved.
Money is spent already!!!
Unions (through corrupted and intimidated politicians) will make sure that pensions won't be cut, and will, in fact, continue to increase. This will be paid for by increasing taxes and cutting services, which has already been going on for years.
There’s a TON of people abusing govt funded pensions. They get a full pension while working full time elsewhere. WHY ISN’T THAT BEING INVESTIGATED?!
this is scary!
I SHOULD HAVE GOT A STATE JOB , WOULD BE RETIRED AFTER 20 YEARS , SET FOR LIFE.
If its Legislature were comprised of honest Accountants instead of crooked lawyers, California wouldn't have this problem.
Schools better brace for a new tidal wave of budget cuts. If kids want music classes then watch piano tutorials on you-tube.
The problem is the big wigs are getting the lions share of the pay outs. Regardless of what the big wigs made he should receive a balanced amount as the little guy, this is fair, but the big wigs say nay, because they truly unfair .
Why don’t you whiners get a union that negotiates pensions? Like the old days. The businesses and Wall Street are taking advantage of you!
They knew it. the coming of the Baby boomers and now the baby boomers have to pay the price the price of poltics
Your taxes are going to a good cause.
LUV IT, to good to be true. Eat beans. and Move.
Math is hard😖
Cut baby cut! Anything over 50k cut!
You're welcome!
Kevin
Is object of this article to create confusion? (Supposedly these are intelligent highly educated individuals, so the individuals in charge of reporting the annual financial report should based their findings on actual facts. (No lies no speculations)
Any mathematician or CPA can realize this.
KPIX CBS SF BAY AREA WHY ARE YOU EMAILING ME THIS PROPAGANDA?