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Old 10-15-2011, 10:43 AM
 
5,113 posts, read 4,957,603 times
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Corruption in progress ...

Threat to state workers' pension perk causes rush at CalPERS
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Old 10-15-2011, 02:18 PM
 
25,630 posts, read 30,453,311 times
Reputation: 23112
And they say people on welfare are the only ones looking for a free handout.
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Old 10-15-2011, 02:24 PM
 
7,150 posts, read 8,807,705 times
Reputation: 3806
Quote:
Originally Posted by Bulldogdad View Post
And they say people on welfare are the only ones looking for a free handout.
You take a left turn there Dawg?
This forum features free-right turns to go with the state laws ... but left turns still require you to signal and yield to oncoming traffic.

Last edited by nullgeo; 10-15-2011 at 02:43 PM..
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Old 10-15-2011, 04:31 PM
 
Location: El Pueblo de Nuestra Señora la Reina de los Ángeles del Río Porciúncula
14,518 posts, read 15,322,010 times
Reputation: 10366
From the article:

Quote:
CalPERS launched its airtime program in 2004. Since then about 50,000 members have purchased up to five years of additional service time. The employee's fee equals anticipated pension payments that the employee and his or her employer would make over that time, usually tens of thousands of dollars.

Even though the program is supposed to pay for itself, critics have blasted airtime as a credit for fictitious work time, a lucrative benefit that is denied private-sector taxpayers.

Annuities, a comparable private vehicle that invests a buyer's money and repays it later as an income stream, rarely offer more than a 4 percent return. Airtime gets the same government-guaranteed return as Cal-PERS pensions: 7.75 percent.

"In these tough times, government workers are taking a lot of heat for benefits that they get and the public doesn't," Blair said. "This is another example of that."
Yep, that's pretty annoying. It looks like some sort of crazy perpetual motion machine, except as in all perpetual motion machines there's a hidden trick rather than anything real. In this case it's just another example of soaking the taxpayers.

I think all our government finances at every level have gone way past the point of certain failure. That includes government pensions, union pensions, welfare, Social Security, Medicare, everything. The only thing remaining uncertain is the date it will all fail.
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Old 10-15-2011, 04:39 PM
 
Location: San Diego
35,245 posts, read 32,197,534 times
Reputation: 19786
We have that and it's called DROP. It's denied private sector because it's expensive and a bad idea. The tax payers are getting soaked. I don't know how SD is going to dig out of it's pensions and benefits mess. The pension payment doubles shortly. There is already talk of turning it over to the State to run it.
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Old 10-15-2011, 04:46 PM
 
Location: El Pueblo de Nuestra Señora la Reina de los Ángeles del Río Porciúncula
14,518 posts, read 15,322,010 times
Reputation: 10366
Quote:
Originally Posted by 1AngryTaxPayer View Post
There is already talk of turning it over to the State to run it.
Like the state can run anything... I think it's more likely turning it over to the state so the state can pay for it. Then following that logical line of reasoning the state can turn everything over to the federal government.

Too bad the feds have no place to turn to.
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Old 10-15-2011, 04:47 PM
 
Location: Carmichael, CA
2,009 posts, read 3,021,659 times
Reputation: 3205
I looked into it. It would cost me a one-time payment to PERS of $50,000 and it would increase my pension by about $60 a month.

It's really only for the big-time employees that are already earning a lot. The only one that I know of that did it at my agency was the attorney. The vast majority of employees can't put in that much for such a little return.
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Old 10-15-2011, 05:18 PM
 
Location: Paranoid State
13,047 posts, read 10,452,062 times
Reputation: 15684
Quote:
Originally Posted by cb73 View Post
... The only one that I know of that did it at my agency was the attorney. The vast majority of employees can't put in that much for such a little return.

A guy walks in to an attorney's office and asks "How much do you charge?"

"I charge $1,000.00 to answer 3 questions," says the lawyer.

"A Thousand Bucks to answer 3 questions? Wow... isn't that expensive?" asks the guy.

"Yes, it is. What's your third question?"
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Old 10-15-2011, 05:55 PM
 
Location: SW MO
23,605 posts, read 31,502,154 times
Reputation: 29076
Quote:
Originally Posted by cb73 View Post
I looked into it. It would cost me a one-time payment to PERS of $50,000 and it would increase my pension by about $60 a month.

It's really only for the big-time employees that are already earning a lot. The only one that I know of that did it at my agency was the attorney. The vast majority of employees can't put in that much for such a little return.
I looked at Air Time, Miliotary Credit time and buying back what I lost in divorce which would have netted me about 15 additional years. The ultimate payoff would have been significant but it would have cost me dearly and actuarily it didn't seem worth the "risk."

Given the current economy I think they should do away with all of it as well as the "highest paid year" provision for figuring pensions. An average of the "last three years" formula seems far more tax-payer and pension fund friendly.
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Old 10-16-2011, 05:57 PM
Status: "I CRAVE Canine-stew" (set 17 days ago)
 
Location: Brawndo-Thirst-Mutilator-Nation
16,471 posts, read 16,581,098 times
Reputation: 12462
Quote:
Originally Posted by Lovehound View Post
From the article:

Yep, that's pretty annoying. It looks like some sort of crazy perpetual motion machine, except as in all perpetual motion machines there's a hidden trick rather than anything real. In this case it's just another example of soaking the taxpayers.

I think all our government finances at every level have gone way past the point of certain failure. That includes government pensions, union pensions, welfare, Social Security, Medicare, everything. The only thing remaining uncertain is the date it will all fail.
Hey, you are right on.

But that is the thing.......if we cannot point out imminent doom with 1000% surety.......well, that makes it really easy for the F**thy S**m
politicians to kick the can down the road............great way for them to keep a lock on power.
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