• This is a political forum that is non-biased/non-partisan and treats every person's position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!

Study: California Public Pensions Underfunded by Over $500B

Renae

Renae

Banned
Suspended
DP Veteran
Joined
Aug 26, 2007
Messages
50,241
Reaction score
19,243
Location
San Antonio Texas
Gender
Female
Political Leaning
Conservative
California's three major public pension funds are underfunded by more than half a trillion dollars, according to a report released Monday, the San Jose Mercury News reports.

Gov. Arnold Schwarzenegger (R) commissioned the study, which was prepared by graduate students at the Stanford Institute for Economic Policy Research (Theriault, San Jose Mercury News, 4/5).

The study examined:

* The California Public Employees' Retirement System;
* The California State Teachers' Retirement System; and
* The University of California's retirement system (Walters, "Capitol Alert," Sacramento Bee, 4/5).

The three systems serve about 2.6 million retirees (Bussewitz, AP/Ventura County Star, 4/5).
Click to expand...

Study: California Public Pensions Underfunded by Over $500B - California Healthline

This is what happens when Politicians use the Government Money to promise people other peoples money in exchange for votes.

And just think, Obama and Co. just did that nationally with Obamacare.

We're ****ed.
 
Deuce said:
The health care bill created pensions?
Click to expand...

It promises other people's money to care for you.

College Education.

"Healthcare"

And to keep all this nice new free stuff... just don't vote Republican!
 
MrVicchio said:
It promises other people's money to care for you.

College Education.

"Healthcare"

And to keep all this nice new free stuff... just don't vote Republican!
Click to expand...

So you're against pensions then.
 
I am.

Pensions and health care slew the mighty giant we call General Motors. A few other giants too.
 
Gipper said:
I am.

Pensions and health care slew the mighty giant we call General Motors. A few other giants too.
Click to expand...

Actually it was not the Pensions Plans that slew GM.
Rather it was Union greed that demanded ever more from a weak and ineffective management.

As Government Motors are now basically owned by the US Government and are run and managed by the Union, all of a sudden Wages have dropped dramatically, Pension will be similarly affected.
 
Deuce said:
So you're against pensions then.
Click to expand...

Government funded pensions that pay out far more then are put in, in effect giant ponzi schemes that leave the tax payers on the hook?

YOU BET YOUR ASS I am.
 
Deuce said:
So you're against pensions then.
Click to expand...

You bet your baloney I sure am.

20 years of labor with a potential of 30+ years of retirement benefits at 90% of your highest wage.
Not only that but your spouse can draw your pension if you die.
It's a rip off to every single non governmental worker.

They are insanely lucrative, to the point of unsustainable.
 
Harry Guerrilla said:
You bet your baloney I sure am.

20 years of labor with a potential of 30+ years of retirement benefits at 90% of your highest wage.
Not only that but your spouse can draw your pension if you die.
It's a rip off to every single non governmental worker.

They are insanely lucrative, to the point of unsustainable.
Click to expand...

Highest I've ever seen is 70%. GM offered that? I'm in the wrong business.
 
Hatuey said:
Highest I've ever seen is 70%. GM offered that? I'm in the wrong business.
Click to expand...

Seriously, all I get is a 401k.

After they "retire" they can go into another field of government and earn another pension.
I think that is more rare but the fact that they can is just beyond crazy.
 
GM workers were governered by a particularly unreasonable union though. I wouldn't blame the government for what they got. In general pensions are not that substantial. Here in Canada it's something like $1000 per month. That is a pittance.
 
Ok I was a bit off but then again maybe not.
The pension plan laws were changed recently which included the highest paid year of service.
Here is the link it says right now that the average beneficiary is 60 when they retire and the receive approximately $36k a year from that.

I think they are expecting this to go up by a large margin.

http://www.calpers.ca.gov/eip-docs/about/facts/retiremem.pdf
 
Orion said:
GM workers were governered by a particularly unreasonable union though. I wouldn't blame the government for what they got. In general pensions are not that substantial. Here in Canada it's something like $1000 per month. That is a pittance.
Click to expand...

Pensions here are not the same as in Canada or Europe.

We define Pensions as private retirement benefits not connected with Federal retirement benefits.
You can receive a Pension from the state government and receive Social Security benefits at the same time.

California pensions are only for state government workers.
 
Harry Guerrilla said:
Pensions here are not the same as in Canada or Europe.

We define Pensions as private retirement benefits not connected with Federal retirement benefits.
You can receive a Pension from the state government and receive Social Security benefits at the same time.

California pensions are only for state government workers.
Click to expand...

You can also receive private pensions here too. I just wasn't aware that we were talking about pensions for government workers.
 
Orion said:
GM workers were governered by a particularly unreasonable union though. I wouldn't blame the government for what they got. In general pensions are not that substantial. Here in Canada it's something like $1000 per month. That is a pittance.
Click to expand...

There were people retiring from GM at age 51 with $120,000 per year pensions.
 
You must log in or register to reply here.
Back
Top Bottom