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State employees expecting a pension in the future are like Americans expecting a Social Security check---it will be a disaster.
"Speaking at a recent conference sponsored by the Public Retirement Journal, CalPERS actuary Ron Seeling said, "I don't want to sugarcoat anything. We are facing decades without significant
turnarounds in assets, decades of -- what I, my personal words, nobody else's -- unsustainable pension costs of between 25 percent of pay for a miscellaneous plan and 40 to 50 percent of pay for a
safety plan." These are stark numbers. Statewide, recent estimates pin the unfunded liabilities (debt) for the retirements and health care costs of public employees at more than $200 billion."
The current deficit explosion is nothing compared to the pension bomb about to explode.
Watch the pension issue--it will ht hardest on local government--forcing them to pay up to 50% of revenues just for the pensions. Looks for local government to shut down in many places.
More...
"Speaking at a recent conference sponsored by the Public Retirement Journal, CalPERS actuary Ron Seeling said, "I don't want to sugarcoat anything. We are facing decades without significant
turnarounds in assets, decades of -- what I, my personal words, nobody else's -- unsustainable pension costs of between 25 percent of pay for a miscellaneous plan and 40 to 50 percent of pay for a
safety plan." These are stark numbers. Statewide, recent estimates pin the unfunded liabilities (debt) for the retirements and health care costs of public employees at more than $200 billion."
The current deficit explosion is nothing compared to the pension bomb about to explode.
Watch the pension issue--it will ht hardest on local government--forcing them to pay up to 50% of revenues just for the pensions. Looks for local government to shut down in many places.
More...