Tweet
CalPers has $525 billion in unfunded liabilities. That, according to the Stanford University study is unsustainable.
Still, in an effort to put one over on the public and steal more money from the workers, CalPers is going to spend $600,000 on a public relations program to fool us, once again.
"CalSTRS is paying two public affairs firms up to $600,00 this fiscal year to help tell system members and legislators about the need to begin closing a huge funding shortfall.
The contract with Edelman and Lucas Public Affairs allows two top executives to bill at the rate of $250 an hour, three others at $225 an hour, two at $210 an hour, and three at $150 to $125 an hour. The firms also can bill CalSTRS for travel expenses."
Is there anybody in government or the finance community that does not know that CalPers is broke? This is a payoff to someone, not a serious effort. If it is to educate about the problem, send a letter. Spending $600,000 is corruption, period.
More...
Still, in an effort to put one over on the public and steal more money from the workers, CalPers is going to spend $600,000 on a public relations program to fool us, once again.
"CalSTRS is paying two public affairs firms up to $600,00 this fiscal year to help tell system members and legislators about the need to begin closing a huge funding shortfall.
The contract with Edelman and Lucas Public Affairs allows two top executives to bill at the rate of $250 an hour, three others at $225 an hour, two at $210 an hour, and three at $150 to $125 an hour. The firms also can bill CalSTRS for travel expenses."
Is there anybody in government or the finance community that does not know that CalPers is broke? This is a payoff to someone, not a serious effort. If it is to educate about the problem, send a letter. Spending $600,000 is corruption, period.
More...