California's Continuing Pension Woes (San Jose, Sacramento: 2013, bankruptcy, taxes)

[SportyandMisty]

Sometimes it takes a worst-case example to show that pension reforms in California remain elusive.


Editorial, March 12, 2017: California's continuing pension woes

[NoMoreSnowForMe]

Do you have a point?

[2sleepy]

Originally Posted by NoMoreSnowForMe

Do you have a point?

If there is I can't imagine what it would be, that article reads like it was written by a 7th grader. The issue is that Scarber applied for a disability pension very shortly AFTER he was accused of criminal activity which looks fishy and it probably was ...but so what? Crap like that happens all over the US. If anyone is interested here is an article about it that makes more sense:
Ex-CHP chief Kyle Scarber protects CalPERS pension amid trial | The Sacramento Bee

[davidt1]

Originally Posted by SportyandMisty

Sometimes it takes a worst-case example to show that pension reforms in California remain elusive.


Editorial, March 12, 2017: California's continuing pension woes

Yeah, leeches protecting each other at taxpayers' expense.

[Finper]

Originally Posted by 2sleepy

If there is I can't imagine what it would be, that article reads like it was written by a 7th grader. The issue is that Scarber applied for a disability pension very shortly AFTER he was accused of criminal activity which looks fishy and it probably was ...but so what? Crap like that happens all over the US. If anyone is interested here is an article about it that makes more sense:
Ex-CHP chief Kyle Scarber protects CalPERS pension amid trial | The Sacramento Bee

yea so what??? If it happens all over the US it's perfectly normal and fine... no worries just give him the money and shut up

[2sleepy]

Originally Posted by Finper

yea so what??? If it happens all over the US it's perfectly normal and fine... no worries just give him the money and shut up

That's not what I said is it? It just gets a little boring when people pour through the news looking for some hit piece on California and then post it even if it's a nothing burger, which that article was.

[expatCA]

Originally Posted by 2sleepy

If there is I can't imagine what it would be, that article reads like it was written by a 7th grader. The issue is that Scarber applied for a disability pension very shortly AFTER he was accused of criminal activity which looks fishy and it probably was ...but so what? Crap like that happens all over the US. If anyone is interested here is an article about it that makes more sense:
Ex-CHP chief Kyle Scarber protects CalPERS pension amid trial | The Sacramento Bee

Possibly the author is not a brilliant writer but he did get this right.

"Proponents sold the 1999 measure promising it would impose no new costs on California taxpayers because the California Public Employees Retirement pension fund would grow fast enough to cover the costs. They were off by billions of dollars — and taxpayers will keep paying the bills, for decades to come."

[2sleepy]

Originally Posted by expatCA

Possibly the author is not a brilliant writer but he did get this right.

"Proponents sold the 1999 measure promising it would impose no new costs on California taxpayers because the California Public Employees Retirement pension fund would grow fast enough to cover the costs. They were off by billions of dollars — and taxpayers will keep paying the bills, for decades to come."

That's indisputable and has been brought up ad nauseum in these threads, but what doesn't get mentioned very often is that the damaging effects of SB400 have not escaped Governor Brown or state analysts and PEPRA was enacted in 2013 as a way of reducing future pension costs.

If you want to, we can argue that in order to truly undo the damage the state should do a clawback on pension increases, but even in bankruptcy it's not clear that the courts would allow that and when San Jose tried making major changes to their public safety pensions they lost almost half of their police force.

What makes little sense is to continue to waste time arguing about a really stupid law that was passed 18 years ago, which by the way was a law that no one who I know would even attempt to defend.

[expatCA]

Originally Posted by 2sleepy

That's indisputable and has been brought up ad nauseum in these threads, but what doesn't get mentioned very often is that the damaging effects of SB400 have not escaped Governor Brown or state analysts and PEPRA was enacted in 2013 as a way of reducing future pension costs.

If you want to, we can argue that in order to truly undo the damage the state should do a clawback on pension increases, but even in bankruptcy it's not clear that the courts would allow that and when San Jose tried making major changes to their public safety pensions they lost almost half of their police force.

What makes little sense is to continue to waste time arguing about a really stupid law that was passed 18 years ago, which by the way was a law that no one who I know would even attempt to defend.

Oh I agree. The pensions are what they are and I doubt any change will occur in the grandfathered in ones. I have not looked at the new ones to see if they are payable or not and if reasonable or not. The CalPers projected returns are so far from reality I am not sure even the lower ones will not need higher taxes to pay them.

[V8 Vega]

Originally Posted by 2sleepy

That's not what I said is it? It just gets a little boring when people pour through the news looking for some hit piece on California and then post it even if it's a nothing burger, which that article was.

A half a trillion is not a nothing burger.