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Government pensions in California are wracked with corruption.
"As if their rising cost to state and local governments werent trouble enough, public pensions also face legislation cracking down on pension boosting, improperly influenced investments and real estate schemes that displace the poor.
A whiff of anti-corruption cleanser, or the verbal equivalent, wafted through the Capitol this month. Bills moved to curb the spiking of final pay to boost pensions and regulate placement agents paid big fees for helping money managers get pension funds."
The recent Stanford study noted that government plans in California have unfunded liabilities reaching $525 billion.
Add to the sweetheart pension plans (Orange County raised the pension benefits by 25% a few years ago, without a dime of new revenues to pay for them, for example.) created by unions by the corrupted city councils--corrupted by political donations from the unions, and you have the crisis we are facing.
Here is an example of the corruption of the pension system, "The two anti-spiking bills have a provision aimed at curbing double-dipping, which is retiring and then returning to the same or similar job. The retiree would have to wait six months before taking a job covered by the same pension system.
To save money, the city of Rocklin, near Sacramento, boosted the pensions of nine retiring managers earlier this by giving them credit for an additional two years of service, then rehired them in their old jobs as part-time employees."
Now you know why California is in a Depression--we did it to ourselves.
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"As if their rising cost to state and local governments werent trouble enough, public pensions also face legislation cracking down on pension boosting, improperly influenced investments and real estate schemes that displace the poor.
A whiff of anti-corruption cleanser, or the verbal equivalent, wafted through the Capitol this month. Bills moved to curb the spiking of final pay to boost pensions and regulate placement agents paid big fees for helping money managers get pension funds."
The recent Stanford study noted that government plans in California have unfunded liabilities reaching $525 billion.
Add to the sweetheart pension plans (Orange County raised the pension benefits by 25% a few years ago, without a dime of new revenues to pay for them, for example.) created by unions by the corrupted city councils--corrupted by political donations from the unions, and you have the crisis we are facing.
Here is an example of the corruption of the pension system, "The two anti-spiking bills have a provision aimed at curbing double-dipping, which is retiring and then returning to the same or similar job. The retiree would have to wait six months before taking a job covered by the same pension system.
To save money, the city of Rocklin, near Sacramento, boosted the pensions of nine retiring managers earlier this by giving them credit for an additional two years of service, then rehired them in their old jobs as part-time employees."
Now you know why California is in a Depression--we did it to ourselves.
More...