CalPERS Shortfall Will Cost HB 23M

[AngelsLongBall]

9 hours ago, Tank said:

so anyone know?

Everytime they try and make pension changes it gets ruled as unconstitutional. So I'm guessing we'd need to amend the state constitution which is damn near impossible 

[Jason]

9 hours ago, Tank said:

so anyone know?

Last time I checked politicians are slaves

[Catwhoshatinthehat]

The 23M HB has to pay and the shortfalls other cities are facing are not surprisingly only going to get worse:

http://www.mercurynews.com/2017/05/22/editorial-more-pension-rate-hikes-needed-at-calpers/

"We’re in this pickle because, in the early years of this century, the state and local governments locked in major pension increases for workers, while CalPERS relied on unrealistic investment forecasts to help fund them."

That’s also the system’s lowest funding ratio at any time except 2009, in the depth of the Great Recession. The only thing that saved the system then was that it was fully funded just before the downturn. In two years, the funding ratio slipped to 61 percent.

In other words, we know we’re due, actually overdue, for another recession and, this time, CalPERS is horribly positioned to absorb the shock."

Bravo California

[Tank]

I'm sure our legislators and governor will come through with another couple of taxes to help save the day.

[AngelsLongBall]

4 hours ago, Tank said:

I'm sure our legislators and governor will come through with another couple of taxes to help save the day.

Probably call the taxpayers freeloaders again

[Jason]

36 minutes ago, AngelsLongBall said:

Probably call the taxpayers freeloaders again

And the same voters will go along with Brown and his nonsense