Posted on Oct 25, 2017
California's Six-Figure Pension Club Has 62,000 Members
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Posted 7 y ago
Responses: 4
Along with this.
California’s largest public pension programs have significant unfunded liabilities.
The state’s two largest public retirement programs, the California Public Employee Retirement System (CalPERS) and the California State Teacher’s Retirement System (CalSTRS), cover 65% of the four million state, county, and local employees who are eligible for public pension benefits. These two programs reported $62 billion and $74 billion in unfunded liabilities, respectively, for the 2013 fiscal year. An unfunded liability is a disparity between the estimated amount of a pension plan’s obligations and the current value of its assets. Over the past twenty years, CalSTRS’ unfunded liability has increased more than $65 billion and the CalPERS liability has grown by more than $63 billion.
California’s largest public pension programs have significant unfunded liabilities.
The state’s two largest public retirement programs, the California Public Employee Retirement System (CalPERS) and the California State Teacher’s Retirement System (CalSTRS), cover 65% of the four million state, county, and local employees who are eligible for public pension benefits. These two programs reported $62 billion and $74 billion in unfunded liabilities, respectively, for the 2013 fiscal year. An unfunded liability is a disparity between the estimated amount of a pension plan’s obligations and the current value of its assets. Over the past twenty years, CalSTRS’ unfunded liability has increased more than $65 billion and the CalPERS liability has grown by more than $63 billion.
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Don't get me wrong, I feel a government should take care of it's workers but this is just ridiculous.
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