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The Chief Actuary of CalPers told the truth when he said, ""I don't want to sugarcoat anything," Seeling said. "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 (police and firefighters) "... unsustainable pension costs. We've got to find some other solutions." Yet the CalPers system has gagged the man who tells the truth--the CalPers system is about to have a meltdown.
Why does government hid the truth? Why is government afraid of the public knowing how failed it is?
Now he is not allowed to speak to the media or in public.. "At CalPERS, my request to talk to Seeling about his comments was denied. Instead, public information officer told me that he
misspoke -- that he reversed his clauses. What he meant to say, I was told, was "Without significant turnarounds in assets, we are facing decades of unsustainable pension costs ... "
Whoever gagged Seeling needs to be fired, immediately. The Executive Director of CalPers needs to be fired.
This is a public pension fund, not their own slush fund. We have a right to know--what next, they are sending Seeling to a private island with guards?
Shame on us for not demanding answers to this scandal.
More...
Why does government hid the truth? Why is government afraid of the public knowing how failed it is?
Now he is not allowed to speak to the media or in public.. "At CalPERS, my request to talk to Seeling about his comments was denied. Instead, public information officer told me that he
misspoke -- that he reversed his clauses. What he meant to say, I was told, was "Without significant turnarounds in assets, we are facing decades of unsustainable pension costs ... "
Whoever gagged Seeling needs to be fired, immediately. The Executive Director of CalPers needs to be fired.
This is a public pension fund, not their own slush fund. We have a right to know--what next, they are sending Seeling to a private island with guards?
Shame on us for not demanding answers to this scandal.
More...