The California Foundation for Fiscal Responsibility is reporting 4,820 CalPERS RETIREES RECEIVE ANNUAL PENSIONS IN EXCESS OF $100,000.
We have a lot to worry about these days. We’re worried that we may lose our jobs, that we may lose our healthcare insurance and that we won’t have sufficient retirement savings. We realize that without jobs we can’t make our mortgage payments; we know that our homes have dropped in value resulting in little or no equity, so we can’t afford to stay in or sell our homes.Indeed, the only way to stop this madness is at the ballot box, so get involved!
In California there is one lucky group that doesn’t have those worries: state and local government retirees.
As of May, 2008, there were 4,820 CalPERS retirees receiving annual pensions in excess of $100,000. That didn’t include government retirees in 80 other plans in California—judges, UC, STRS, charter cities, and 1937 Act counties. About half of these retirees were public safety workers: cops, firefighters, prison guards. The remaining half includes former city managers, assistant managers, county executives, district attorneys, engineers, finance officers, personnel directors, computer scientists, and physicists.
Since May 2008, more than 120 new retirees have joined the “$100,000 Club” – each month - every month. That’s been going on for the last 12 months – more than 1,500 have joined that well-paid retirement group ; this rate of increase will accelerate as droves of retired public safety workers who are now in the $90,000 to $100,000 range receive annual cost of living increases.
We must stop this nonsense at the ballot box.
Search the $100,000 Pension Club database
Inquiring minds investigating the $100,000 Pension Club Database.
CalPERS Top 10
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California Foundation for Fiscal Responsibility Weighs In
Keith Richman at the CFFR states: Unless changes are made, pension debt will overwhelm the state's ability to fund higher education, build roads and develop technology."
CFFR was founded in 2007 by Richman, a former 38th District Assemblyman. Richman says the foundation's sole purpose is to tackle the skyrocketing costs of public employee retirements.
"If we don't do something soon there may be several government entities that go bankrupt, and those that don't are going to die from a thousand cuts in services," says Richman. "And because of the strength of the public employee unions as a special interest group in California, I don't have any confidence at all that Sacramento will address this issue."
CFFR Reform Initiatives
Please consider the CFFR Recommendations to Solve Vallejo's Fiscal Crisis as well as the CFFR PUBLIC EMPLOYEE BENEFITS REFORM INITIATIVE.
The CFFR recommendations are certainly a big step in the right direction. However, the proposed changes are still way too generous. Stop the madness now. Get involved.
Mike "Mish" Shedlock
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