CalPERS (Los Angeles, Sacramento: health insurance, how much, bankrupt)

[Phil306]

There is all sorts of "anti public employee" sentiment, especially on this board. Everytime something negative comes out, thread after thread starts. NO ONE ever says the positive aspects of public employees; it seems to be "left out" of every discussion. Why? Because they get something you don't.

UPDATE 1-Calpers posts 20.7 pct return in June-ended year | Reuters

"The California Public Employees' Retirement System, the biggest U.S. public pension fund, said on Monday its investments earned 20.7 percent for the year ended June 30, marking its best performance in 14 years.
The Sacramento, California-based fund, known as Calpers, said in a statement that over the 12 months ended in June its assets increased to $237.5 billion, marking ongoing progress in a recovery to their all-time high."

CalPERS adds $12 billion to California economy, study says: CalPERS adds $12 billion to California economy, study says - Los Angeles Times

"The California Public Employees' Retirement System pumped nearly $12 billion into the state's economy last year through benefits paid to retirees and other beneficiaries, making it "a significant economic engine in most California communities," a new study says."

[Vascodagama]

Originally Posted by Phil306

There is all sorts of "anti public employee" sentiment, especially on this board. Everytime something negative comes out, thread after thread starts. NO ONE ever says the positive aspects of public employees; it seems to be "left out" of every discussion. Why? Because they get something you don't.

UPDATE 1-Calpers posts 20.7 pct return in June-ended year | Reuters

"The California Public Employees' Retirement System, the biggest U.S. public pension fund, said on Monday its investments earned 20.7 percent for the year ended June 30, marking its best performance in 14 years.
The Sacramento, California-based fund, known as Calpers, said in a statement that over the 12 months ended in June its assets increased to $237.5 billion, marking ongoing progress in a recovery to their all-time high."

CalPERS adds $12 billion to California economy, study says: CalPERS adds $12 billion to California economy, study says - Los Angeles Times

"The California Public Employees' Retirement System pumped nearly $12 billion into the state's economy last year through benefits paid to retirees and other beneficiaries, making it "a significant economic engine in most California communities," a new study says."

One trick pony

[Curmudgeon]

One trick is all they need so long as they can meet their oligations to the retirees.

[Phil306]

Originally Posted by Don9

One trick pony

I wonder what the "pony" would look like, without that 12 billion dollars? You complain about your "tax dollar." Well, that tax dollar would have to be made up somewhere, now wouldn't it? If the state's budget were down another couple of billion, where do you think its going to make up the difference?

Not too mention, all that money being spent at local stores, goods, etc. ALL of which help out EVERYONE.

As I have said before, I shall say again: The issue isn't so easy. Its very complex and people have a tendency to oversimplify it.

CalPERS is extremely solvent. The fact they have made a 20% increase means less the state has to give them, if anything at all. They are, once again, almost completely running on their own, without any outside help. They have also taken measures not to allow what occurred in 2007; once again, not needing the state or anyone else to bail them out.

Employee's who haven't paid money into the system, now are (I've paid 12% for 22 yrs). Almost every police/fire union has voted to pay more into PERS, and increase their retirement age for new employee's.

People get what they asked for and its still never enough for them.

[NewToCA]

A lot of folks who don't work for the state don't begrudge pensions, and I'm one of those who support pension plans for everyone (including non-Gov't workers).

However, I think that folks who complain when the shortfalls require dips into the General Fund have legitimate concerns/objections, and the public payment of health insurance in retirement is an issue for some folks too.

[Vascodagama]

If Calpers gained the money then the state does not have to pay a penny and shouldn't.

I contend that Calpers is full of corruption, fraud and I believe that news article about as much as I believe the states is run by conservatives.

[yeahthatguy]

Everyone in the investment world knows Calpers doubled down on risky sh*t and got lucky :
Calpers Hopes Riskier Bets Will Restore Its Health - NYTimes.com

Had things not went their way, they'd be up in smoke now... Remind you of anything? Yeah, 'Wallstreet' mantra 'too catastrophic to fail'. You should know 20% returns aren't normal and of course came w/ a crap ton of risk.. The thing you must note is June-early July exhibited a lower high and is probably the top for the market for the next year or so ... Lets see how much the fund returns now...

I think its great that they got lucky .. Means great things for the pension holders/California.. But lets keep it real and note that they rolled the dice... lost ... Then decide to put the car/house keys on the table and got extremely lucky they didn't loose everything.

Heads they win .. Tails you loose.. If you're o.k w/ boasting about those terms (the same ones wallstreet used to bankrupt America) .. by all means cheer it on !

[Fontucky]

loose/lose

[nullgeo]

Originally Posted by Fontucky

loose/lose

well now wait a minute ... some folks have loose tails

[Bulldogdad]

Yup, a blind man throwing darts at the stock page could have made 20% over the last 2 years. Really since the plunge in March 2009 I have made close to 39% returns for the two years on my retirement investments. That puts me at just over 11% of 2008, which is what my long term rate of return is averaging going back to 1985. So all that run did was make up for what I lost and then put me back on track for my average rate of return. However two years of stellar returns does not make a fund viable for the long term.

All my retirement investments are self funded and sustainable without requiring any money from the taxpayers. When CalPers can boast about that then I will give a crap.