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Bruce Bialosky is a good friend. he is also a CPA. This article explains why the CalPers system is about to implode and cause more damage then the $80 billion in deficits the past three years.?
How bad is the current system? :The Los Angeles Unified School System estimate for unfunded retiree benefits comes in at about $10 billion. That is one school system, be it the largest, in one state. Estimates show that the LAUSD will soon carve out 30% of its budget for combined retiree health and pension benefits." One third of all education expenditures will go to retirees, not the classroom.
Pass this article along--pension implosion will be the BIG story of 2010.
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How bad is the current system? :The Los Angeles Unified School System estimate for unfunded retiree benefits comes in at about $10 billion. That is one school system, be it the largest, in one state. Estimates show that the LAUSD will soon carve out 30% of its budget for combined retiree health and pension benefits." One third of all education expenditures will go to retirees, not the classroom.
Pass this article along--pension implosion will be the BIG story of 2010.
More...