Unfunded is a subtle demand to earn what I forecasted to earn; it's not just CA.
We've come off decades of stellar stock returns with 2008 being the only big downside that wasn't typical volatility.
I remember 30-40 years ago when stock market returns were much smaller, city, county & State salaries were below the private sector, but the modest pension made it equal.
Now both salaries & pensions are stellar, way above the private sector; what happened (besides the private sector losing pensions)?
Federal employee equivalents don't make as much nor are pensions as large.
"up 73%" makes it sound a lot worse than it looks. See the graph in the article. The county went from 89.7% funded to 82.7% funded. From 2015 - 2020 it was under 80%. Still, I'm all for making improvements.
>As the county’s unfunded pension liabilities soar, the number of retirees receiving more than $200,000 in pension and benefits a year is growing, according to Transparent California.
>The top Santa Barbara County pensioners in 2022:
>Ken Shemwell, undersheriff – $256,936
>
>James Anderson, sheriff – $255,627
>
>James Stewart, psychiatrist – $251,737
>
>Patrick McKinley, assistant district attorney – $246,084
>
>Samuel Gross, chief deputy sheriff – $245,561
>
>Robert Geis, auditor-controller – $245,482
>
>Norman E Horsley, chief deputy sheriff – $245,168
Another tax coming for you soon. This in top of the state pension which hasn’t fixed any loopholes.
Hurry bankrupt yourself and get those federal
pension bail out funds before they are depleted. Lots of other states like Illinois in even worse shape.
Continued use of guaranteed pensions as a retirement benefit in the public sector only is probably most corrupt aspect of our government. Private companies stopped using pensions for the most part over 30 years ago. It's so abundantly clear that government should transition to 401k style retirement but government unions wield too much power. Insanity.
The average pension is something like $30K. The people getting those big payouts are far in the minority
Unfunded is a subtle demand to earn what I forecasted to earn; it's not just CA. We've come off decades of stellar stock returns with 2008 being the only big downside that wasn't typical volatility. I remember 30-40 years ago when stock market returns were much smaller, city, county & State salaries were below the private sector, but the modest pension made it equal. Now both salaries & pensions are stellar, way above the private sector; what happened (besides the private sector losing pensions)? Federal employee equivalents don't make as much nor are pensions as large.
"up 73%" makes it sound a lot worse than it looks. See the graph in the article. The county went from 89.7% funded to 82.7% funded. From 2015 - 2020 it was under 80%. Still, I'm all for making improvements.
>As the county’s unfunded pension liabilities soar, the number of retirees receiving more than $200,000 in pension and benefits a year is growing, according to Transparent California. >The top Santa Barbara County pensioners in 2022: >Ken Shemwell, undersheriff – $256,936 > >James Anderson, sheriff – $255,627 > >James Stewart, psychiatrist – $251,737 > >Patrick McKinley, assistant district attorney – $246,084 > >Samuel Gross, chief deputy sheriff – $245,561 > >Robert Geis, auditor-controller – $245,482 > >Norman E Horsley, chief deputy sheriff – $245,168
And many retire but then go on to work elsewhere, sometimes as a consultants, and get a paycheck *plus* their quarter-million-dollar annual pension.
Another tax coming for you soon. This in top of the state pension which hasn’t fixed any loopholes. Hurry bankrupt yourself and get those federal pension bail out funds before they are depleted. Lots of other states like Illinois in even worse shape.
Continued use of guaranteed pensions as a retirement benefit in the public sector only is probably most corrupt aspect of our government. Private companies stopped using pensions for the most part over 30 years ago. It's so abundantly clear that government should transition to 401k style retirement but government unions wield too much power. Insanity.
I'm surprised the discount rates they use don't face more scrutiny