CalPERS Pension Fund Just Did Something Interesting With Retirement Accounts
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California would rather give money to illegals than fund their obligations to the taxpaying legal residents. Governor needed to be jailed for not upholding the state's constitution
We cashed calpers all out last year, bought land out of state and started a farmstead. That communist waist of humanity can piss right off.
I forgot to mention: 15 years ago this awareness was significant and the Districts voted to adjust down or revise pensions into defined contribution…as EC says. So those early DB could retire at 55 with higher percentages. After the adjustments the new hires pensions were less, meaning DC & retire at 63 or so. This transformation happened 15 years ago.
I think this is also poor investing as other pension funds are more solvent.
Remember, back in the day, NO ONE wanted a county job because pay was TERRIBLE. Well the trade off was retirement. Now that the economy is not performing well people always point the finger at others.
One thing that could be done is limit the COLA raises…..if things get really bad.
And no I am not in Calpers
Great video, excellent points.
I wonder if the opposite is true…As Baby Boomers “pass” the fund becomes stronger…no/yes?
Another big problem is “bumping pay” right before retirement.
We are retired military with also a military disability. What do you think about those?
I wonder what the thoughts are on military pensions? Will they fail? Serve your country for 20-30years and end up with nothing?
the state of CA borrowed money from CalPers but never paid it back like they were supposed to
Unfunded liabilities
Its almost as if Pension Funds and Socialized Programs are UNSUSTAINABLE! Hmmmmmmm, who'da thunk that! Anybody that can't understand the reality that programs and structures such as CAL-PERS all the way up to the Federal Social Security and MediCare programs are simply unable to sustain themselves upon the basic foundational supports they were built upon doesn't understand even the simplest fundamentals of basic economics. Basically, you've had the largest of Ponzi Schemes chooching along now since the times of their inception. And the wheels are rapidly coming apart and falling off these locomotives. Things are gonna get REAL interesting REAL quick here shortly. And then will be the part where it gets REAL scary. Hold on to your elbows and asscheeks folks. This ride is gonna be a shaker liable to jostle your teeth loose!
Gillette
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The FDIC only has 3cents per dollar insured
Most people live WAY above their means, which does help the broader economy!
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Scammers are all over this comment section
That is absolutely horrible that people work promised a pension to be screwed out of it.
State of IL. They haven’t even been paying the employees ins premiums in time. 6 months to yr behind
Dude have you and Calpers ever heard the news of the population contraction worldwide. LONG term downtrends in many many zones of economy especially financial is toast very toast. Also workers will be paid much much more than any other period in last 50 years. The reason they are going broke is because of bad fiat bets. In addition the fed never has set rates the open market determines that. Check mortgage rates prior to any fed rate increases. Rates already had risen by at least 50% prior to the measly .25% rate increase.
A&P Supermarkets. Spent pension fund of employees then went out of business around 1980. They were the canary in the coal mine for pensions. Remember Enron?
My mom was a teacher and I think it’s around the 11 th largest pensions around .
The worse shape a government pension fund is, the more aggressive the investments are to make up the gaps. Here in NJ, the pension fund is underwater by $150B – yet we obviously have the highest property taxes in the country. In other words, when this market crashes, the fund will be in such bad shape it will be front page news and expect violent protests in Trenton as a result.