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We all know that CalPERS has over $525 billion in unfunded liabilities. Few look at the debt of the CalPRS long term care plan.
"For a long-term care benefit plan, the news has mostly been bad. Last year saw a huge budget deficit of more than $800 million, the biggest since 2007. Eight of the last 10 years have been in the red. The plans investment portfolio lost 16.2 percent of its value last year; over the previous five years, its grown an anemic 1.9 percent. Its been more than two years since people could join. Though there have been three big rate hikes since 2003 the most recent, in 2009, was 22 percent operating revenues have either stagnated or dropped.
Beyond that, not much is known. That’s because the benefit plan in question is run by the California Public Employees Retirement System (CalPERS), and its not subject to any substantial public oversight. In fact and unlike private insurance plans operated in other states by companies like John Hancock or Met Life the CalPERS long-term care benefit program is not regulated by the state Department of Insurance."
Though this is a government program, they REFUSE to open their books. We have no idea how much the people of California are on the line to cover the debt of this government agency.
In fact, if this was a private insurance firm, they would be closed down for fraud. Government protects itself.
Want to find corruption, look at a government agency.
We need to demand our legislators to open the books. What do you think? Did you know this program even existed?
More...
"For a long-term care benefit plan, the news has mostly been bad. Last year saw a huge budget deficit of more than $800 million, the biggest since 2007. Eight of the last 10 years have been in the red. The plans investment portfolio lost 16.2 percent of its value last year; over the previous five years, its grown an anemic 1.9 percent. Its been more than two years since people could join. Though there have been three big rate hikes since 2003 the most recent, in 2009, was 22 percent operating revenues have either stagnated or dropped.
Beyond that, not much is known. That’s because the benefit plan in question is run by the California Public Employees Retirement System (CalPERS), and its not subject to any substantial public oversight. In fact and unlike private insurance plans operated in other states by companies like John Hancock or Met Life the CalPERS long-term care benefit program is not regulated by the state Department of Insurance."
Though this is a government program, they REFUSE to open their books. We have no idea how much the people of California are on the line to cover the debt of this government agency.
In fact, if this was a private insurance firm, they would be closed down for fraud. Government protects itself.
Want to find corruption, look at a government agency.
We need to demand our legislators to open the books. What do you think? Did you know this program even existed?
More...