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Old 01-26-2011, 07:50 PM
 
Location: San Luis Obispo and Santa Barbara Counties
6,390 posts, read 9,652,760 times
Reputation: 2622

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Thank you for sharing.
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Old 01-26-2011, 08:17 PM
 
5,113 posts, read 5,956,633 times
Reputation: 1748
This came out just before the economic downturn. From what I'm reading, CalPERS got greedy and changed the investment rules. They also took full control of the pension fund. They played with fire and got burnt. I don't see why California tax payer should bail them out now.

CalPERS a model of innovation at 75
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Old 01-27-2011, 02:03 PM
 
Location: Duvall, WA
1,677 posts, read 6,840,984 times
Reputation: 644
Quote:
Originally Posted by Don9 View Post
I heard that Northrop Grumman ended/froze pensions and went to an enhanced 401K for all new employees.
That's news to me.
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Old 01-27-2011, 03:30 PM
 
5,113 posts, read 5,956,633 times
Reputation: 1748
Quote:
Originally Posted by VeronikaW View Post
That's news to me.
Yep, the change happened in July 2008.
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Old 01-27-2011, 06:52 PM
 
Location: Clovis Strong, NM
3,376 posts, read 6,088,857 times
Reputation: 2031
No wonder why there's so many hiring freezes going on with the police and fire services in this state, seems like everyone is in it for the gold, more-so than the actual thrill/duty of the job.

After getting turned down in the psych portion of the CDCR selection process a couple years back, I'm thinking of revamping my venture into the LE field in a different state where the pay may be slightly lower, but I could still get the same satisfaction out of the job.
And I'll do OT when required, but unlike others, it's not something I necessarily look forward to in any line of work.
I'm happy with 40-50 hrs/week, these guys packing the cash away pulling these doubles are insane.
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Old 01-27-2011, 08:03 PM
 
Location: Dublin, CA
3,807 posts, read 4,265,213 times
Reputation: 3984
Quote:
Originally Posted by Don9 View Post
What election was this voted on? I would like to see information provided to the voters.
Well, here it is Don and, it was OVERWHELMINGLY passed by the voters. The People's Republik of Kalifornia. The people of this state, gave PERS all the authority they wanted and them some. Why? Things were good. Now that things are bad, they are lying, scrambling, and crying. Look at this board. The people make me sick. This was brought up YEARS ago and everyone wanted it, voted for it, and approved it. Now its a "red herring."

Sorry if "you" didn't know what you were voting for. That is your problem; not mine. You wanted a socialist government in Kalifornia and you got it. Now, its time to pay and you whine. Live with it.

Proposition 162
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Old 01-27-2011, 08:23 PM
 
5,113 posts, read 5,956,633 times
Reputation: 1748
Quote:
Originally Posted by Phil306 View Post
Well, here it is Don and, it was OVERWHELMINGLY passed by the voters. The People's Republik of Kalifornia. The people of this state, gave PERS all the authority they wanted and them some. Why? Things were good. Now that things are bad, they are lying, scrambling, and crying. Look at this board. The people make me sick. This was brought up YEARS ago and everyone wanted it, voted for it, and approved it. Now its a "red herring."

Sorry if "you" didn't know what you were voting for. That is your problem; not mine. You wanted a socialist government in Kalifornia and you got it. Now, its time to pay and you whine. Live with it.

Proposition 162
I guess you didn't see my last post on this subject with the link (good article) that had this paragraph:

"In 1991, Gov. Pete Wilson wanted to tap the fund to help alleviate some of the state’s $14 billion budget deficit, said Mr. Castaneda. CalPERS responded by reaching out to voters and lobbying for Proposition 162. Once this passed, it gave CalPERS the right to take its budget and investments into its own hands, essentially rebuffing the governor and protecting CalPERS from state interference. The governor, though, does have a representative on the board."

So I don't buy your claim one iota and the false attempt to blame California voters on CalPERS mistakes. In addition, I feel more now than before that this pension problem is not a California tax payers problem. CalPERS went that extra mile to gain full control over its pension program and they got greedy and lost by moving from low risk investments to very high risk. You can take your complaints up with CalPERS.
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Old 01-28-2011, 03:41 AM
 
3,852 posts, read 12,847,997 times
Reputation: 2529
stossel explains it. Public unions have been bank rolling the taxpayers for quite some time now. Ever wonder why our public education system is so bad? Teachers steal all the money (thats suppose to be used for new textbooks, extracurricular activities etc.). Pretty disgusting huh?


http://www.youtube.com/watch?v=BduQxAugn4c
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Old 01-28-2011, 12:57 PM
 
Location: Hell
377 posts, read 668,807 times
Reputation: 889
I just want to say one thing in defense of state employees. Some of us took a state job ONLY because of the supposed security/stability found in a pension. I doubt half of you people complaining would want to do my job and at my pay. Some state workers may be overpaid but NOT MOST OF US...
The only thing keeping me here is the promise of a stable retirement. Otherwise I would not have spent 10 years (with 20-25 to go) getting screamed at by REAL welfare recipients...
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Old 01-28-2011, 01:01 PM
 
4,862 posts, read 7,945,121 times
Reputation: 5763
As far as Gov. pensions go they were not a problem until money became tight. If they were agreed on by contract hey it is what it is. Once the economy kicks back up for everyone no one will care.
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