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It has been sad to watch the California state pension system. Failure of management on numerous levels. State not funding like it should, cities that contribute to the state public pension not funding their promised contribution amount out of not having the budget to do it. Getting financial advise, and ignoring it. Without being political, what a mess they made.
I am lucky to have a pension from a county that is not part of the state system. We are in very good shape.
It's being funded appropriately and the funding requirements are adjusted every year. The problem with the system is a disaster of an idea in 1999 which gave Public Safety employees 90% of their salary after 30 years of employment. That was discontinued by Governor Brown in 2013 but only for new hires.
I knew we would find something we could agree on He also gave prison guards peace officer status, basically ensuring that their pensions and salaries would double over the next decade.
I knew we would find something we could agree on He also gave prison guards peace officer status, basically ensuring that their pensions and salaries would double over the next decade.
OMG, Why do we need gun control in California. Ok, I kid.
I find it more concerning that the conservative "but stable" investments chosen for pension funds are still dicey at producing even the expected returns, and there are financial gurus insisting we can expect an average of 12% annual returns from our 401k's
Not at all. Just a supply/demand reality. A catastrophic jolt to working incentives will throw the supply side way out of wack and the resulting loss of incentives will result in less hiring and people preparing for jobs that previously had great benefits.
Not at all. Just a supply/demand reality. A catastrophic jolt to working incentives will throw the supply side way out of wack and the resulting loss of incentives will result in less hiring and people preparing for jobs that previously had great benefits.
How is that political? I said services.
Words like safety, chaos, when the public pension collapses. Sound like you think riots might happen.
10 years of great stock market returns but America still has a terrible pension problem. This is due to a number of issues including: more pensions money going out than people putting money in, poor choices of investments by pension managers, and underfunding of pensions by governments.
The experts are saying that future stock market returns will likely be 0-2% real during the next ten years but pensions are being funded with an expectation of 4-5% real returns. (The people who estimate future stock market returns and pension officials who set return estimates have not met in years!)
I suspect many pensions will go broke in the next 10-20 years. Could this be your pension and are you worried?
I will be a FERS pension retiree and learned long ago that worry about anything will never impact an outcome negative or positive. But that doesn't mean that I did not consider the possibility of a pension reduction or elimination of COLAs on the annuity part of my 3 legged stool FERS retirement plan. And for that reason I max contributed to my TSP/401K for most of my service years, and additionally since I am able to first claim a widow's Social Security survivor's benefit that allows me to delay taking my own higher benefit at 70. And if need be I can survive on both those income streams if need be. Actually, what I will likely withdraw annually from my TSP combined with my age 70 Social Security benefit what will remain of that income after taxes is pretty much what I live on now after taxes, Medicare, TSP contributions, etc. are deducted.
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He also gave prison guards peace officer status, basically ensuring that their pensions and salaries would double over the next decade.
