Probably the single most important lesson for all of us to learn is to take our financial futures into our own hands instead of relying on others to manage our assets, savings or nest eggs.
In your own hands? what does that mean?, store the money under the mattress? store it in a bank account? the first can be stolen, the later can be lost if the bank declares insolvency....
2000Betelgeuse Invest in gold, silver. Buy some land. Go back to work. Lots of seniors work who are in the private sector where there are no pensions. Or expect to be homeless and die an early death. If you’re expecting the government to take of you, you’re very foolish.
It is unsustainable. There are govt employees that are retiring with 100% of their salary per year for the rest of their lives. When the retiree dies, their spouse continues to collect the retirement for the rest of their life. That is not to mention the lifetime medical insurance. Every year, as folks retire, the burden compounds. This needs reform, but the govt employee unions want to hold their ground and drain the system to the last penny. It is inevitable, you will see cities fall into bankruptcy one after another. The common thought is that govt employees earn less so they get this great retirement plan. Govt employee salaries have been getting better and better to the point that they are on par or better than the private sector, especially when you see the level of efficiency that they operate at compared to the private sector (not!).
Guess you missed the fact that last month the FED did a correction on unfunded liabilities. It doubled the top heavy current debt load by 2.3 TRILLION dollars by simply changing the calculation. This forces all States in the long term to either cut their spending or raise their taxes to come up with the money to be forced to fund the underfunded liabilities which are the public pensions. They will never file for bankruptcy, they will print their way out of this mess by simply inflation of the USD. You'll get those magical numbers, you just won't be able to afford much with it. Never trust socialists.
Meaturama, the people voted for politicians promising them cutting the pensions lose, granting pension benefits retroactively, creating new rules to sap more money all promised to the people if they elect said politician.
I AM A CALPERS RETIREE. I need to address a few things you have incorrectly stated. 1) Yes my retirement was accumulated over 34 years plus surplus years converting my military service credit. So I do receive 100% of my salary however choose to take less out to pay for spouse continued compensation if I die before her thereby pre-paying for her continued income. My medical as with my wife lost our medical, dental, optical when we turned 65 years old making us only eligible for Medicare which costs us $104.00 per month per person or $208.00 X 12= $2,416 annually for massively less coverage, no optical , no dental. So medical benefit no longer comes out of city coffers. So in reality I am pre-paying my wife's benefit with my earned income. I receive no other benefits from my 34 years of service and paid into my retirement for those 34 years which the city got to use my money for over 3 decades and now I should be feeling guilty for taking my own money back are you kidding me. I suppose you feel the same about social security (which I do not receive) but the American workers paid into that with their earned salary every paycheck for their entire working career yet the government has stolen over $4 TRILLION DOLLARS to use as their personal slush fund for all their pet projects which was never the agreement by the America workers. Social security would be solvent and self generating if the politicians would stop stealing the American workers money. IT IS NOT A BENEFIT BY THE GOVERNMENT IT IS A BOUGHT AND PAID FOR INVESTMEN BY THE AMERICAN WORKER. PLEASE MUD PUDDLE DO YOUR HOMEWORK AS YOU WILL FEEL SO MUCH BETTER ABOUT THINGS IF YOU DO.
@meaturama They were both scratching each others backs. Public workers vote on mass according to their own interests. They vote for those who promise them more. In other words they vote for their own common interests, instead for the societies interest as whole. They are as selfish as the politicians they voted for. Make no mistake about that.
The S&P500 was going up 12%, CalPers funds gained less than 1%. So, where did the difference go? Any private fund managers would be facing possible prosecution.
My ex is a librarian at a California community college and is going to collect close to $100K per year for life when she retires under CalSTRS in a few years.
I wonder how much $$$ these CAL workers actually paid into the pension fund in the first place. Same thing in NJ. For decades, the teachers pension was never properly funded annually by government as required, so now government raises taxes on current residents to catch up on funding the pensions of workers who have already retired and moved out of state. That is unfair to "current" residents to be paying for teacher services that the "current" residents never received. The teachers paid hardly anything into the pension funds and/or toward their own healthcare plan. Now the state asks them to contribute a very small % toward healthcare, and you can hear the screaming and yelling and threats from the teachers union all the way out in CA. And they worked for 20 to 25 years? then retire with benefits? Reality check. My dad worked full time private sector for 46 years before even considering retirement at age 70, and grandfather worked to age 85 full time before retiring. No funded Pensions, just whatever they were able to contribute themselves to a 401K, with company matching the first 2% of contributions. Government workers want it the other way around; they contribute 2% and the government (ie: taxpayers) fund 98%. So taxes go up, then taxpayers and businesses exodus the state with pensions still underfunded. No consequences to the politicians for making rediculous promises to government union workers. Politicians promise anything to get elected, knowing the bill for pensions won't come due until they've retired from their political career. Then it becomes the next politicians problem , and a problem for the next generation of state residents. Voting has consequences.
I AM A CALPERS RETIREE. I need to address a few things that have been incorrectly stated. 1) Yes my retirement was accumulated over 34 years plus surplus years converting my military service credit. My benefits were figured at 2% of my salary X number of years of service. So I do receive 100% of my salary however choose to take less out to pay for my spouse continued compensation if I die before her thereby pre-paying for her continued income. My medical, as with my wife, lost our medical, dental, optical when we turned 65 years old making us only eligible for Medicare which costs us $104.00 per month per person or $208.00 X 12= $2,416 annually for massively less coverage, no optical , no dental. So medical benefit no longer comes out of city coffers. So in reality I am pre-paying my wife's benefit with my earned income. I receive no other benefits from my 34 years of service and paid into my retirement for those 34 years which the city got to use my money for over 3 decades and now I should be feeling guilty for taking my own money back are you kidding me. I suppose you feel the same about social security (which I do not receive) but the American workers paid into that with their earned salary every paycheck for their entire working career yet the government has stolen over $4 TRILLION DOLLARS to use as their personal slush fund for all their pet projects which was never the agreement by the America workers. Social security would be solvent and self generating if the politicians would stop stealing the American workers money. IT IS NOT A BENEFIT BY THE GOVERNMENT IT IS A BOUGHT AND PAID FOR INVESTMENT BY THE AMERICAN WORKER. PLEASE DO YOUR HOMEWORK AS YOU WILL FEEL SO MUCH BETTER ABOUT THINGS IF YOU DO.
@@martihall11 When did you retire? How much did you make a month? How strong was the dollar? Did she get to not work? Yall sold yourselves on an unsustainable deal, and still got an amazing deal.
She raised all of her children and grandchildren well. She never relied on the medical system. She always said God gave me a great body and a great mind. I will serve God to the end I work every day to the end. She did.
I retired form MDC and Boeing after working there nearly 28 years. My pension is 29% of my salary, there is no cost of living adjustments and no medical. Had I retired from city of Huntington Beach, I would have cost of living adjustments, medical and my pension would be 78% of my salary. Time to transfer state, government and city employees to 401K type system, where employee contributes most money, and employer contributes at maximum 4% (if anything). TIME TO STOP CALPERS RIP-OFF NOW!!!
The shame of it all is that we as public employees have paid into this plan monthly and many of the people who think they were just getting a free ride have no idea that we have money taken out of our paychecks every month for our retirement. Those that have been in private sector jobs have no concept of we accepted these jobs based on the lower pay as opposed to wet the private sector paid. Every year there is a comparison done for the type of work that we do versus the private sector and a comparison analysis in terms of pay is always analyzed.
They need to have their pensions cut. Just more crooked politicians living it up on the hardworking tax payer. It's sickening. They use you up and then spit on you. Have no regrets and will do it to the next generation.
@@joeysbestfriend2614 true! Taxes are taken out with pensions also-typically people continue their healthcare benefits with the same monthly insurance premium deduction that they had upon retirement. Where I work, a monthly paycheck employee cost for JUST myself is around &500 month for Kaiser; $710 month for a Blue Shield type plan.
Good for 'em! Lazy, overpaid civil servants! How do you people think that getting the same amount in retirement as you did while working is sustainable? You should have saved more of your riches! No sympathy for me!
I AM A CALPERS RETIREE. I need to address a few things you have incorrectly stated. 1) Yes my retirement was accumulated over 34 years plus surplus years converting my military service credit. So I do receive 100% of my salary however choose to take less out to pay for spouse continued compensation if I die before her thereby pre-paying for her continued income. My medical as with my wife lost our medical, dental, optical when we turned 65 years old making us only eligible for Medicare which costs us $104.00 per month per person or $208.00 X 12= $2,416 annually for massively less coverage, no optical , no dental. So medical benefit no longer comes out of city coffers. So in reality I am pre-paying my wife's benefit with my earned income. I receive no other benefits from my 34 years of service and paid into my retirement for those 34 years which the city got to use my money for over 3 decades and now I should be feeling guilty for taking my own money back are you kidding me. I suppose you feel the same about social security (which I do not receive) but the American workers paid into that with their earned salary every paycheck for their entire working career yet the government has stolen over $4 TRILLION DOLLARS to use as their personal slush fund for all their pet projects which was never the agreement by the America workers. Social security would be solvent and self generating if the politicians would stop stealing the American workers money. IT IS NOT A BENEFIT BY THE GOVERNMENT IT IS A BOUGHT AND PAID FOR INVESTMEN BY THE AMERICAN WORKER. PLEASE DO YOUR HOMEWORK AS YOU WILL FEEL SO MUCH BETTER ABOUT THINGS IF YOU DO.
Who has control of IRA funds or Roth accounts or Kelo Accounts .2008 the entire banking system and stock market was going to collapse. I new cox who was federal exchange commissioner
This is disgusting. You need to guard your grand children. The American Indian lived in America for 10,000 years. No pollution. This was absolutely not hidden.
A retired life guard in Newport Beach receives 180K per year, RETIREMENT..........A X professor from Stanford, 30 years, receives 210K per year. Calpers this year is now receiving one dollar for every three dollars of obligations. In five years, minimum, they will have to start reducing expenditures to RETIREES.
Unfortunately, California, like other states in the US is now a "sanctuary" state. The work ethic sucks and people (regardless if one is Democrat or Republican) are 'embracing" what is going to hurt them and the state in the long run.
The average full career (30 years work) pension for a retired public employee in California was $68,673 in 2015, not including benefits. This is in comparison to the average pay (not including benefits) for an active full-time worker in the private sector in California, which in 2015 was $54,326, and to the maximum Social Security Benefit for a high wage earner retiring at age 66, which in 2015 was $32,244. Put another way, the average public employee retiree with 30 years of service collects a pension (not including benefits) that is 26% greater than the average pay for a non-retired full time private sector worker, and more than twice the maximum Social Security benefit.
Rich Ovejero work until one is 90? I have small savings and small Social Security. I exist, with a small mortgage and huge medical expenses. People must rely on themselves, not others to provide for retirement or illness that precludes working. I have one lung that is dying, surviving on oxygen and stage 4 kidney disease. What do you propose? Killing me? Well, at least allow me to live long enough to see my first grandchild. Be careful......bad things happen to healthy people all the time. I hope you live a long healthy life. Not everyone can.
Wait - this gentleman worked but 21.5 years and retired out??? what happened to the 30 year railroad watch? He will likely be getting at least 90% of his last year's "salary", augmented by unused sick and vacation time, bonus, etc. - sometimes actually MORE than one's last years pay - and they are only trimming his COLA, not the base rate. The interviewer gets this wrong near seven minutes in, and he does not get corrected - that is noteworthy! So is his COLA in keeping with inflation, even with the cut??? Not to mention a better bennies package that most people only dream of - so this population will be collecting that money for more years than they worked. Yeah, life is so unfair!
So you worked 20 years ending at 60K and you were expecting 4-5K per month forever. No problem here. Do they also get social security or does CALPers replace it?
Mr Sting17, WRONG. If you haven't noticed there are a lot of public employees who are getting two or more retirement checks per month. My brother-in-law and sister-in-law and my neighbor are all getting Cal-Pers retirement and SS retirement..... And why do they stay in CA? Look at what CA taxes SS payments? ZERO, no tax on SS checks, even when the above mentioned people are getting $70,000 a year from CAL-Pers!!! Add another $24,000 for SS and you have a $100,000 collector. And by the way, none of them went past high school education!
Tree Climber, wrong. I have a friend, who retired from Stockton, CA. She gets her full SS at the 62 year old amount. She took a retirement for Stockton at 58 AND is now getting about $1,900 additional SS at 62. So, as a retired person, she makes more than she did working. Now isn't that just lovely!!! My other friend's wife is going to retire from the Napa County School District because as a retiree she can collect both SS and her Napa County (Calpers) retirement. And again, since she is 63, she will be making more in retirement than she is working!! Nice to be "entitled" with tax payer money! Chop these tax sucking "entitlements" so that ALL get SS only. NO Golden parachutes for these city, county, state or federal workers!!! They are sucking the economy dry under the "I sacrificed" during work for the "people." BS, they had easy jobs that required little or not education beyond HS. Some needed higher education to start, but they could "ladder climb" in public jobs without getting the educations needed. Here is the sick part. The Counties pay into SS for these people from TAX PAYER money, NOT economically earned money. Government jobs are parasitic and do NOT create wealth for the economy!!! How can a city, county or State pay into SS for these people from tax payer money? BS!
Tree Climber, I may have misunderstood. A Federal employee who collects SS can have his SS reduced. A city, county and state employee whose retirement system paid into SS on their behalf, is not subject to the same rules as a Federal Employee who collects SS since SS is a Federal program not a city, county or state retirement program. Peace brother. I see your point.
Tree Climber, I also get a little angry at his examples too. I served 10 years in the US Army some of which was during Vietnam and 3 tours in Korea. I get zilch for that except my $250 per month check I was paid at the time. But I did volunteer to serve during an unpopular war time. Then, I put in 30 years of private employment and get SS which is enough to eat on and pay some bills. So, after 40 years what does it matter who you worked for or who you were employed by? A society that forgets its young and old will die in the end. America is doomed, but I will hopefully not be around to see it. Peace brother.
Unfunded liabilities. There is another side to this Story. For those of us that do not get a Pension and worked just like you that get Pensions, but if we retire at 62 we get 2153.00 per month max, only if we had a interrupted job, not like most State workers that keep working when things get bad. The average SSI payout is $1,350.00 per month in the U.S. Keep in mind I know you paid in to your pension, you keep in mind I paid taxis for you to have a job and also for a to big State and Federal government. I like you. (we) see State road workers on the job that shocks me and should shock you when you see five or six men on the job and one man working and the rest are doing not a thing. Do you think I want to pay taxis for there Pensions? I live in S.C. our gas taxis went up to fix the roads,, keep in mind all the State and federal government workers get paid by all workers being taxed. I’m a retired project manager living on very little income (SSI) and I feel like I can take 50% of the road workers and get the same thing completed as the State gets completes with two times the men. I know this is just one small sector of what I see as State waste, and I’m only referring to this one because it’s so open to see. In short I do not want my taxis to go up because you’re State and my State did not know how to balance a check book, or did they? Could it be they new the Pensions were unfunded liabilities? Unfunded liability is all we on SSI keep hearing also. We keep hearing that our SSI may disappear because are Federal government it seems did not fund SSI. The statement “unfunded liabilities” the list is a lot longer then just pensions and SSI. To defend are pensions and SSI we need to look at what the State and Federal government are funding, (The funded liabilities). Can you list one funding liability that you think is BS?
I AM A CALPERS/CALPARS RETIREE. I need to address a few things that have been incorrectly stated. 1) Yes my retirement was accumulated over 34 years plus surplus years converting my military service credit. My benefits were figured at 2% of my salary X number of years of service. So I do receive 100% of my salary however choose to take less out to pay for my spouse continued compensation if I die before her thereby pre-paying for her continued income. My medical, as with my wife, lost our medical, dental, optical when we turned 65 years old making us only eligible for Medicare which costs us $104.00 per month per person or $208.00 X 12= $2,416 annually for massively less coverage, no optical , no dental. So medical benefit no longer comes out of city coffers. So in reality I am pre-paying my wife's benefit with my earned income. I receive no other benefits from my 34 years of service and paid into my retirement for those 34 years which the city got to use my money for over 3 decades and now I should be feeling guilty for taking my own money back are you kidding me. I suppose you feel the same about social security (which I do not receive) but the American workers paid into that with their earned salary every paycheck for their entire working career yet the government has stolen over $4 TRILLION DOLLARS to use as their personal slush fund for all their pet projects which was never the agreement by the America workers. Social security would be solvent and self generating if the politicians would stop stealing the American workers money. IT IS NOT A BENEFIT BY THE GOVERNMENT IT IS A BOUGHT AND PAID FOR INVESTMENT BY THE AMERICAN WORKER. PLEASE DO YOUR HOMEWORK AS YOU WILL FEEL SO MUCH BETTER ABOUT THINGS IF YOU DO.
21 years and a pension for life. How much has he already collected. California like most left wing places over promises and lets the next generation worry about it.
Serve the Lord! My mother never even took a pharmaceutical pill in her 89 years! By the time she died she worked for social welfare for decades. She used to say to me daughter of mine you are not on this earth to retire. You are on this earth to serve God until you meet him.
The elite think they can steal pensions from the retirees but they forget the love for that generation from their kids and grandkids. Game over time. Buy some stock in lamp posts and piano wire. Definite winners.
Typically, the retiree has put some $$$$$ in to the system as part of the retirement fund... then the city kicks in its part... or didn't as in that city. The city decided NOT to make their contribution.. so calpers took the number and cut by 60%... The City of Loyalton may have put themselves in the way of legal experts. All it will take is a high power lawyer...who can go after the city and Calpers for big bucks...
Yes its not good to work for an employer anymore, its best the start your own business and higher your own workers, open your own investment account to do your own trades cut out all the middle man..
Funny, these are the EXTREME examples on only one side. There are "Librarians" in the State retirement system making OVER $300,000 PER YEAR.. ON CALPERS
These workers had absolutely no problem in underpaying into the CalPERS fund for years, with that 7.5% investment return assumption that was used as a fig leaf justification for underpayment. They and their unions vigorously fought attempts over the years to correct the underfunding problem. Now they want us to pay more in taxes to maintain their 90% benefit level that they knowingly and purposely under funded for years. Solution: your 90% benefit level has now been reduced to 30%
City and unions over promised. Not realistic to get your salary for decades after retirement. Switch to 403 b or 401 k for younger employees is the only option. I am 63 and have been self employed for a lifetime. No pension or health retirement benefits. Have saved my money all along. Knowing that there is no one to blame other myself. It is your funds, it is taxpayers who pay.
These state, county and city employees don’t deserve to be paid 10 times more than the average private sector worker just because they work for the state etc. The unions have abused the situation for years. They need to cut the pensions down to a reasonable amount and require these employees to save for their own retirement like the rest of us.
Notice the man never said how much his yearly retirement checks are, this guy was getting 50 or 60 k a year and he wants us to feel sorry that he has to join the real world where if you get a 2 or 3 grand a month your happy..
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Who took the money they paid in ? Answers please. If money wasn't taken out the money would be there!!!!
All 401ks pension funds should be made illegal. They are not what you think. Look at his face. Take out your phone and download a roth IRA calculator. Take age 20. To age 59. With 100 dollars amonth. This would be in your own account. It would travel with you from job to job. That would be freedom. Vanguard Fidelity and Shwab would be the only Roth managers.
CalPERS brech there contract on members 2015 long term health care . CalPERS was suit 1.2 billion .members of callers were layed to by CalPERS. Know federal court .
Bullshit. For equivalent work these city employees did not get paid less when you take into account there were no comparable jobs in the civilian sector.
Public pensions are ponzi schemes for the most part and should not be guaranteed. The pensioner should only be entitled to what they contributed from their paycheque. So if you contributed 250,000 thats all you can expect back or a small % return of that 250,000 per month. If your a smart trader/ investor you could make a 15% return, but 5-7% would be a realistic return on that 250,00. So that's 20k per year. The government made promises that could not be guaranteed. Why the do these people think they are owed other than what they put in?
Well, for starters, the interest, which you allude to, and then say they shouldn't get that, then you say 250K/ month. His retirement was 25K/yr, it is now 10K. The pension is the only reason some people choose civil service. Otherwise, all of the really technically difficult jobs would have to be contracted at twice the cost.
Even worse here in Canada. Government bails out these over paid pensioners. Government "workers" retire at 55 with huge pensions and benefits and private sector workers work till they die.
Fl, Broward County Schools Safety officer retired after 25 yrs, County pension $8,600 a month, plus medical. 3hrs work for 8hrs pay, of City, County, State empolyees enjoy lax supervision. Currently, CA, billions of tax dollars cover medical expenses for Many illegal immigrants. And that's just medical$$$ WIC, EBT CARDS, $$$assistance for rent. Many illegal immigrants think of rights they never fought for in the US . Back in the country they left behind, they are entitled to nothing in those Banana Republics. The illegal immigrants are being used by democrap leftist academic creeps Obamamichele, Pelosi, Bernie, Valeri jarrett, Podesta group, Soros Foundation.
You blame illegals, yet all those politicians and so called high rank jobs earning ridiculous wages 100k + a year. What do you think their pension looks like? Take a look around. They find all these creative ideas to justify how they use our tax paying dollars.
The Lords Sheep are going to get Fleeced , i am sad to say. We have trusted these Wolves with our Lives Now they are Going to Turn on us. This is when you need the Lord as your Shepard , trust me We have not even seen Anything yet , it will get very Ugly in a few Years. God Help us !
That's what happens when you vote for politicians, just because they promise you other people's money.ask not what can my government do for me.rather ask what can I do for my government.
I do not know why people do not get this! This was known decades ago! My mother lived to age 89. Highly intelligent person driven by the Lord Jesus Christ. You need to serve the lord until your death. That goes to social security and Medicare. It is not going to be there. My blessed mother never believed in a manner state. She actually post leaving her job worked every day usually more then 8 hours.
Were you one of those 10 guys standing around while one guy digs the whole? At a 60% cut that should put you right where the average S.S. person gets. Get a real job.
Probably the single most important lesson for all of us to learn is to take our financial futures into our own hands instead of relying on others to manage our assets, savings or nest eggs.
It supposed to be like that!
I completely agree
In your own hands? what does that mean?, store the money under the mattress? store it in a bank account? the first can be stolen, the later can be lost if the bank declares insolvency....
2000Betelgeuse Invest in gold, silver. Buy some land. Go back to work. Lots of seniors work who are in the private sector where there are no pensions. Or expect to be homeless and die an early death. If you’re expecting the government to take of you, you’re very foolish.
Marie Katherine b
It is unsustainable. There are govt employees that are retiring with 100% of their salary per year for the rest of their lives. When the retiree dies, their spouse continues to collect the retirement for the rest of their life. That is not to mention the lifetime medical insurance. Every year, as folks retire, the burden compounds. This needs reform, but the govt employee unions want to hold their ground and drain the system to the last penny. It is inevitable, you will see cities fall into bankruptcy one after another. The common thought is that govt employees earn less so they get this great retirement plan. Govt employee salaries have been getting better and better to the point that they are on par or better than the private sector, especially when you see the level of efficiency that they operate at compared to the private sector (not!).
Mud Puddle i
Guess you missed the fact that last month the FED did a correction on unfunded liabilities. It doubled the top heavy current debt load by 2.3 TRILLION dollars by simply changing the calculation. This forces all States in the long term to either cut their spending or raise their taxes to come up with the money to be forced to fund the underfunded liabilities which are the public pensions. They will never file for bankruptcy, they will print their way out of this mess by simply inflation of the USD. You'll get those magical numbers, you just won't be able to afford much with it. Never trust socialists.
Meaturama, the people voted for politicians promising them cutting the pensions lose, granting pension benefits retroactively, creating new rules to sap more money all promised to the people if they elect said politician.
I AM A CALPERS RETIREE. I need to address a few things you have incorrectly stated. 1) Yes my retirement was accumulated over 34 years plus surplus years converting my military service credit. So I do receive 100% of my salary however choose to take less out to pay for spouse continued compensation if I die before her thereby pre-paying for her continued income. My medical as with my wife lost our medical, dental, optical when we turned 65 years old making us only eligible for Medicare which costs us $104.00 per month per person or $208.00 X 12= $2,416 annually for massively less coverage, no optical , no dental. So medical benefit no longer comes out of city coffers. So in reality I am pre-paying my wife's benefit with my earned income. I receive no other benefits from my 34 years of service and paid into my retirement for those 34 years which the city got to use my money for over 3 decades and now I should be feeling guilty for taking my own money back are you kidding me. I suppose you feel the same about social security (which I do not receive) but the American workers paid into that with their earned salary every paycheck for their entire working career yet the government has stolen over $4 TRILLION DOLLARS to use as their personal slush fund for all their pet projects which was never the agreement by the America workers. Social security would be solvent and self generating if the politicians would stop stealing the American workers money. IT IS NOT A BENEFIT BY THE GOVERNMENT IT IS A BOUGHT AND PAID FOR INVESTMEN BY THE AMERICAN WORKER. PLEASE MUD PUDDLE DO YOUR HOMEWORK AS YOU WILL FEEL SO MUCH BETTER ABOUT THINGS IF YOU DO.
@meaturama They were both scratching each others backs. Public workers vote on mass according to their own interests. They vote for those who promise them more. In other words they vote for their own common interests, instead for the societies interest as whole. They are as selfish as the politicians they voted for. Make no mistake about that.
He worked for 22 years in government and retired and I worked as a self employed for 30 years and still working.
The S&P500 was going up 12%, CalPers funds gained less than 1%. So, where did the difference go? Any private fund managers would be facing possible prosecution.
the fund is run by idiots
Todd Lavigne next time put the idiots in capital letters please
ha ha...so true
IDIOTS
Well we know how the government handles money
Most funds are invested in bonds, and the 30 T rate is under 2, not a surprise why these pension funds are broke in the long run.
Paying retirees more than people who are working?????
That goes on all over the place in the US and other countries with government retirees. Unions have too much power.
My ex is a librarian at a California community college and is going to collect close to $100K per year for life when she retires under CalSTRS in a few years.
I wonder how much $$$ these CAL workers actually paid into the pension fund in the first place. Same thing in NJ. For decades, the teachers pension was never properly funded annually by government as required, so now government raises taxes on current residents to catch up on funding the pensions of workers who have already retired and moved out of state. That is unfair to "current" residents to be paying for teacher services that the "current" residents never received. The teachers paid hardly anything into the pension funds and/or toward their own healthcare plan. Now the state asks them to contribute a very small % toward healthcare, and you can hear the screaming and yelling and threats from the teachers union all the way out in CA. And they worked for 20 to 25 years? then retire with benefits? Reality check. My dad worked full time private sector for 46 years before even considering retirement at age 70, and grandfather worked to age 85 full time before retiring. No funded Pensions, just whatever they were able to contribute themselves to a 401K, with company matching the first 2% of contributions. Government workers want it the other way around; they contribute 2% and the government (ie: taxpayers) fund 98%. So taxes go up, then taxpayers and businesses exodus the state with pensions still underfunded. No consequences to the politicians for making rediculous promises to government union workers. Politicians promise anything to get elected, knowing the bill for pensions won't come due until they've retired from their political career. Then it becomes the next politicians problem , and a problem for the next generation of state residents. Voting has consequences.
I AM A CALPERS RETIREE. I need to address a few things that have been incorrectly stated. 1) Yes my retirement was accumulated over 34 years plus surplus years converting my military service credit. My benefits were figured at 2% of my salary X number of years of service. So I do receive 100% of my salary however choose to take less out to pay for my spouse continued compensation if I die before her thereby pre-paying for her continued income. My medical, as with my wife, lost our medical, dental, optical when we turned 65 years old making us only eligible for Medicare which costs us $104.00 per month per person or $208.00 X 12= $2,416 annually for massively less coverage, no optical , no dental. So medical benefit no longer comes out of city coffers. So in reality I am pre-paying my wife's benefit with my earned income. I receive no other benefits from my 34 years of service and paid into my retirement for those 34 years which the city got to use my money for over 3 decades and now I should be feeling guilty for taking my own money back are you kidding me. I suppose you feel the same about social security (which I do not receive) but the American workers paid into that with their earned salary every paycheck for their entire working career yet the government has stolen over $4 TRILLION DOLLARS to use as their personal slush fund for all their pet projects which was never the agreement by the America workers. Social security would be solvent and self generating if the politicians would stop stealing the American workers money. IT IS NOT A BENEFIT BY THE GOVERNMENT IT IS A BOUGHT AND PAID FOR INVESTMENT BY THE AMERICAN WORKER. PLEASE DO YOUR HOMEWORK AS YOU WILL FEEL SO MUCH BETTER ABOUT THINGS IF YOU DO.
@@martihall11 When did you retire? How much did you make a month? How strong was the dollar? Did she get to not work? Yall sold yourselves on an unsustainable deal, and still got an amazing deal.
Absolutely California Disgust!!!... Somebody better check Jerry Browns financial records!!!...
She raised all of her children and grandchildren well. She never relied on the medical system. She always said God gave me a great body and a great mind. I will serve God to the end I work every day to the end. She did.
The California bubble has burst. I wonder why?
I retired form MDC and Boeing after working there nearly 28 years. My pension is 29% of my salary, there is no cost of living adjustments and no medical. Had I retired from city of Huntington Beach, I would have cost of living adjustments, medical and my pension would be 78% of my salary. Time to transfer state, government and city employees to 401K type system, where employee contributes most money, and employer contributes at maximum 4% (if anything). TIME TO STOP CALPERS RIP-OFF NOW!!!
Slash it 80% to be more in line with the rest of us.
The shame of it all is that we as public employees have paid into this plan monthly and many of the people who think they were just getting a free ride have no idea that we have money taken out of our paychecks every month for our retirement. Those that have been in private sector jobs have no concept of we accepted these jobs based on the lower pay as opposed to wet the private sector paid. Every year there is a comparison done for the type of work that we do versus the private sector and a comparison analysis in terms of pay is always analyzed.
are you able to stop contributions into calpers retirement account?
They need to have their pensions cut. Just more crooked politicians living it up on the hardworking tax payer. It's sickening. They use you up and then spit on you. Have no regrets and will do it to the next generation.
He now makes what I do on Social Security but I worked 40 years. He still has a deal.
California has long been a sewer. and I am so glad it's falling apart. When is that wall being built!!!
6000 a month is a low pension to this democrat. Please.He should be getting 2000 max. That should be across the board
Yeah, he was (past tense) getting 2100, is that close enough for ya?
Gregory Chalmers Sadly cannot live in California for 4 thousand a month!
Thats 6k gross pay after taxes he takes home like 4K that’s not a lot in California
@@joeysbestfriend2614 true! Taxes are taken out with pensions also-typically people continue their healthcare benefits with the same monthly insurance premium deduction that they had upon retirement. Where I work, a monthly paycheck employee cost for JUST myself is around &500 month for Kaiser; $710 month for a Blue Shield type plan.
Good for 'em! Lazy, overpaid civil servants! How do you people think that getting the same amount in retirement as you did while working is sustainable? You should have saved more of your riches! No sympathy for me!
Chicago Gyrl , well said, Chicago Boy
Chicago Gyrl that’s not true other than possibly teachers but not normal govt employees
I AM A CALPERS RETIREE. I need to address a few things you have incorrectly stated. 1) Yes my retirement was accumulated over 34 years plus surplus years converting my military service credit. So I do receive 100% of my salary however choose to take less out to pay for spouse continued compensation if I die before her thereby pre-paying for her continued income. My medical as with my wife lost our medical, dental, optical when we turned 65 years old making us only eligible for Medicare which costs us $104.00 per month per person or $208.00 X 12= $2,416 annually for massively less coverage, no optical , no dental. So medical benefit no longer comes out of city coffers. So in reality I am pre-paying my wife's benefit with my earned income. I receive no other benefits from my 34 years of service and paid into my retirement for those 34 years which the city got to use my money for over 3 decades and now I should be feeling guilty for taking my own money back are you kidding me. I suppose you feel the same about social security (which I do not receive) but the American workers paid into that with their earned salary every paycheck for their entire working career yet the government has stolen over $4 TRILLION DOLLARS to use as their personal slush fund for all their pet projects which was never the agreement by the America workers. Social security would be solvent and self generating if the politicians would stop stealing the American workers money. IT IS NOT A BENEFIT BY THE GOVERNMENT IT IS A BOUGHT AND PAID FOR INVESTMEN BY THE AMERICAN WORKER. PLEASE DO YOUR HOMEWORK AS YOU WILL FEEL SO MUCH BETTER ABOUT THINGS IF YOU DO.
Who has control of IRA funds or Roth accounts or Kelo Accounts .2008 the entire banking system and stock market was going to collapse. I new cox who was federal exchange commissioner
My mother, a retired teacher, with a masters, is knocking down a big fat $360 per month - WHOOPEE! Do you think she needs a cut?
This is disgusting. You need to guard your grand children. The American Indian lived in America for 10,000 years. No pollution. This was absolutely not hidden.
A retired life guard in Newport Beach receives 180K per year, RETIREMENT..........A X professor from Stanford, 30 years, receives 210K per year. Calpers this year is now receiving one dollar for every three dollars of obligations. In five years, minimum, they will have to start reducing expenditures to RETIREES.
Ultimately this guy is an innocent victim. He was screwed by the system. Calpers obviously didn't care about him. They didn't want to upset the city.
I been working all my life i'll be getting SS when i'm 67 which 1700 a month thats all i get
Unfortunately, California, like other states in the US is now a "sanctuary" state. The work ethic sucks and people (regardless if one is Democrat or Republican) are 'embracing" what is going to hurt them and the state in the long run.
this man's loyalty to the city of Loyalton was a case of unrequitted love
"The Pension Fund That Ate California"
by Steve Malanga,
Editor at City Journal
a MUST READ Article! on this subject
The average full career (30 years work) pension for a retired public employee in California was $68,673 in 2015, not including benefits. This is in comparison to the average pay (not including benefits) for an active full-time worker in the private sector in California, which in 2015 was $54,326, and to the maximum Social Security Benefit for a high wage earner retiring at age 66, which in 2015 was $32,244. Put another way, the average public employee retiree with 30 years of service collects a pension (not including benefits) that is 26% greater than the average pay for a non-retired full time private sector worker, and more than twice the maximum Social Security benefit.
Did the police and firemen get their pensions cut in Loyalton too?
I totally agree with you I recently retire and CALPERS sucks.
their plan makes no cents. 10% of income contribution paid out for 30 years at 2% will not yield 60%
Worked 21 years big deal. You can work 60 years.
Rich Ovejero work until one is 90? I have small savings and small Social Security. I exist, with a small mortgage and huge medical expenses. People must rely on themselves, not others to provide for retirement or illness that precludes working. I have one lung that is dying, surviving on oxygen and stage 4 kidney disease. What do you propose? Killing me? Well, at least allow me to live long enough to see my first grandchild. Be careful......bad things happen to healthy people all the time. I hope you live a long healthy life. Not everyone can.
He worked for the city for 21 years. That doesn't mean that's the only job he ever had.
You trust politicians. The worst of the worst.
Wait - this gentleman worked but 21.5 years and retired out??? what happened to the 30 year railroad watch? He will likely be getting at least 90% of his last year's "salary", augmented by unused sick and vacation time, bonus, etc. - sometimes actually MORE than one's last years pay - and they are only trimming his COLA, not the base rate. The interviewer gets this wrong near seven minutes in, and he does not get corrected - that is noteworthy! So is his COLA in keeping with inflation, even with the cut??? Not to mention a better bennies package that most people only dream of - so this population will be collecting that money for more years than they worked.
Yeah, life is so unfair!
So you worked 20 years ending at 60K and you were expecting 4-5K per month forever. No problem here. Do they also get social security or does CALPers replace it?
3HRS work for 8HRS pay. Typical Banana Republic of California.
Mr Sting17, WRONG. If you haven't noticed there are a lot of public employees who are getting two or more retirement checks per month. My brother-in-law and sister-in-law and my neighbor are all getting Cal-Pers retirement and SS retirement..... And why do they stay in CA? Look at what CA taxes SS payments? ZERO, no tax on SS checks, even when the above mentioned people are getting $70,000 a year from CAL-Pers!!! Add another $24,000 for SS and you have a $100,000 collector. And by the way, none of them went past high school education!
Tree Climber, wrong. I have a friend, who retired from Stockton, CA. She gets her full SS at the 62 year old amount. She took a retirement for Stockton at 58 AND is now getting about $1,900 additional SS at 62. So, as a retired person, she makes more than she did working. Now isn't that just lovely!!! My other friend's wife is going to retire from the Napa County School District because as a retiree she can collect both SS and her Napa County (Calpers) retirement. And again, since she is 63, she will be making more in retirement than she is working!! Nice to be "entitled" with tax payer money! Chop these tax sucking "entitlements" so that ALL get SS only. NO Golden parachutes for these city, county, state or federal workers!!! They are sucking the economy dry under the "I sacrificed" during work for the "people." BS, they had easy jobs that required little or not education beyond HS. Some needed higher education to start, but they could "ladder climb" in public jobs without getting the educations needed.
Here is the sick part. The Counties pay into SS for these people from TAX PAYER money, NOT economically earned money. Government jobs are parasitic and do NOT create wealth for the economy!!! How can a city, county or State pay into SS for these people from tax payer money? BS!
Tree Climber, I may have misunderstood. A Federal employee who collects SS can have his SS reduced. A city, county and state employee whose retirement system paid into SS on their behalf, is not subject to the same rules as a Federal Employee who collects SS since SS is a Federal program not a city, county or state retirement program. Peace brother. I see your point.
Tree Climber, I also get a little angry at his examples too. I served 10 years in the US Army some of which was during Vietnam and 3 tours in Korea. I get zilch for that except my $250 per month check I was paid at the time. But I did volunteer to serve during an unpopular war time. Then, I put in 30 years of private employment and get SS which is enough to eat on and pay some bills. So, after 40 years what does it matter who you worked for or who you were employed by? A society that forgets its young and old will die in the end. America is doomed, but I will hopefully not be around to see it. Peace brother.
Keep voting for the Dems. Governor, Mayor & Teacher's Union. Keep voting for the Dems & expect different outcomes.
Unfunded liabilities.
There is another side to this
Story. For those of us that do not get a Pension and worked just like you that
get Pensions, but if we retire at 62 we get 2153.00 per month max, only if we had
a interrupted job, not like most State workers that keep working when things
get bad. The average SSI payout is $1,350.00 per month in the U.S. Keep in mind
I know you paid in to your pension, you keep in mind I paid taxis for you to
have a job and also for a to big State and Federal government. I like you. (we)
see State road workers on the job that shocks me and should shock you when you
see five or six men on the job and one man working and the rest are doing not a
thing. Do you think I want to pay taxis for there Pensions? I live in S.C. our
gas taxis went up to fix the roads,, keep in mind all the State and federal
government workers get paid by all workers being taxed. I’m a retired project
manager living on very little income (SSI) and I feel like I can take 50% of
the road workers and get the same thing completed as the State gets completes
with two times the men. I know this is just one small sector of what I see as
State waste, and I’m only referring to this one because it’s so open to see. In
short I do not want my taxis to go up because you’re State and my State did not
know how to balance a check book, or did they? Could it be they new the Pensions
were unfunded liabilities? Unfunded
liability is all we on SSI keep hearing also. We keep hearing that our SSI may
disappear because are Federal government it seems did not fund SSI. The statement “unfunded liabilities” the list
is a lot longer then just pensions and SSI. To defend are pensions and SSI we
need to look at what the State and Federal government are funding, (The funded
liabilities). Can you list one funding
liability that you think is BS?
I AM A CALPERS/CALPARS RETIREE. I need to address a few things that have been incorrectly stated. 1) Yes my retirement was accumulated over 34 years plus surplus years converting my military service credit. My benefits were figured at 2% of my salary X number of years of service. So I do receive 100% of my salary however choose to take less out to pay for my spouse continued compensation if I die before her thereby pre-paying for her continued income. My medical, as with my wife, lost our medical, dental, optical when we turned 65 years old making us only eligible for Medicare which costs us $104.00 per month per person or $208.00 X 12= $2,416 annually for massively less coverage, no optical , no dental. So medical benefit no longer comes out of city coffers. So in reality I am pre-paying my wife's benefit with my earned income. I receive no other benefits from my 34 years of service and paid into my retirement for those 34 years which the city got to use my money for over 3 decades and now I should be feeling guilty for taking my own money back are you kidding me. I suppose you feel the same about social security (which I do not receive) but the American workers paid into that with their earned salary every paycheck for their entire working career yet the government has stolen over $4 TRILLION DOLLARS to use as their personal slush fund for all their pet projects which was never the agreement by the America workers. Social security would be solvent and self generating if the politicians would stop stealing the American workers money. IT IS NOT A BENEFIT BY THE GOVERNMENT IT IS A BOUGHT AND PAID FOR INVESTMENT BY THE AMERICAN WORKER. PLEASE DO YOUR HOMEWORK AS YOU WILL FEEL SO MUCH BETTER ABOUT THINGS IF YOU DO.
Anyone who depends on government for their livelihood and retirement deserves what they get. Screw em!
21 years and a pension for life. How much has he already collected. California like most left wing places over promises and lets the next generation worry about it.
Greed and dirty crooks, but God will deal out the Karma.
EXTREME RETIREMENT BENEFITS IN SOUTHERN CALIFORNIA FOR FIREMEN AND COPS!!!!!!! extreme injustice to normal people!!!!!!
🍎 9:00 - " past working age" who decides what that age is ?
You need a deferred comp account and start your own retirement fund.
60%
Should be 80
Serve the Lord! My mother never even took a pharmaceutical pill in her 89 years! By the time she died she worked for social welfare for decades. She used to say to me daughter of mine you are not on this earth to retire. You are on this earth to serve God until you meet him.
The elite think they can steal pensions from the retirees but they forget the love for that generation from their kids and grandkids. Game over time. Buy some stock in lamp posts and piano wire. Definite winners.
So what's the point? The money's not there. You can't go back. And he's not getting a contribution from me.
Cap pensions at $3,000 per person, $6,000 per household. That solves the problem. That would include Social Security.
Happens in the private sector as well. Hard to feel sorry for gov workers tht sham around for 30 yrs.
Want something done in the slowest possible way and spend the most money, call the gov worker.
CalPERS long term heal th care scene into 1.2 billion law suit .the members are fighting back.
The retirement amounts that government company employs get.
People live to long know you should have to do 30 years minimum and work to at least 57
While the market goes up, these pension funds are underfunded. Somebody's been siphoning off the top?
Typically, the retiree has put some $$$$$ in to the system as part of the retirement fund... then the city kicks in its part... or didn't as in that city. The city decided NOT to make their contribution.. so calpers took the number and cut by 60%... The City of Loyalton may have put themselves in the way of legal experts. All it will take is a high power lawyer...who can go after the city and Calpers for big bucks...
Ask your u.s. senator and congress for federal invedtgation or hiring in congress on callers health and longe term care .
As a baby boomer I think every millennial should be insulted by my generations expectation of entitlement.
Yes its not good to work for an employer anymore, its best the start your own business and higher your own workers, open your own investment account to do your own trades cut out all the middle man..
Funny, these are the EXTREME examples on only one side. There are "Librarians" in the State retirement system making OVER $300,000 PER YEAR.. ON CALPERS
These workers had absolutely no problem in underpaying into the CalPERS fund for years, with that 7.5% investment return assumption that was used as a fig leaf justification for underpayment. They and their unions vigorously fought attempts over the years to correct the underfunding problem. Now they want us to pay more in taxes to maintain their 90% benefit level that they knowingly and purposely under funded for years.
Solution: your 90% benefit level has now been reduced to 30%
City and unions over promised. Not realistic to get your salary for decades after retirement. Switch to 403 b or 401 k for younger employees is the only option. I am 63 and have been self employed for a lifetime. No pension or health retirement benefits. Have saved my money all along. Knowing that there is no one to blame other myself. It is your funds, it is taxpayers who pay.
Remember Detroit ! This is only a BETA test and coming to a city near YOU .
These state, county and city employees don’t deserve to be paid 10 times more than the average private sector worker just because they work for the state etc. The unions have abused the situation for years. They need to cut the pensions down to a reasonable amount and require these employees to save for their own retirement like the rest of us.
No......wrong. PERS leadership AND local leadership must be arrested, tried
and put in that expensive California prison system...
Notice the man never said how much his yearly retirement checks are, this guy was getting 50 or 60 k a year and he wants us to feel sorry that he has to join the real world where if you get a 2 or 3 grand a month your happy..
Who took the money they paid in ? Answers please. If money wasn't taken out the money would be there!!!!
CalPERS need to have some over sight by federal security exchange and federal trade commission consumer protection act.
Keep working and depending for someone and it will come back to bite you.
This man worked only 21.69 years and as of 2016, he made 36,227.60 per year.
And still he cries
A secret government? Isn't it supposed to be by the people, for the the people and so on?
2 Words: Ponzi Scheme
THIS PROVES THAT CITY WORKERS ARE NOT VERY SMART.
All 401ks pension funds should be made illegal. They are not what you think. Look at his face. Take out your phone and download a roth IRA calculator. Take age 20. To age 59. With 100 dollars amonth. This would be in your own account. It would travel with you from job to job. That would be freedom. Vanguard Fidelity and Shwab would be the only Roth managers.
I don't believe this reduction was proper... they clipped 4 retirees... they must have more retired folks than that...
Sue the City of Loyalton for breach of contract. See where it goes.
CalPERS brech there contract on members 2015 long term health care . CalPERS was suit 1.2 billion .members of callers were layed to by CalPERS. Know federal court
.
instead of 6000 a month pension he will only get 2500, thats still better than social security, which he still will collect. Not bad for 21 years.
Not true, he will get 850/month
is the city reducing their tax rates 60% that will put most in bankruptcy
Bullshit. For equivalent work these city employees did not get paid less when you take into account there were no comparable jobs in the civilian sector.
People need to STOP depending on others in any shape form or fashion for their financial security
All I can say is I'm sorry for you. This is terrible. Out.
If everybody around me knew this on the 197Os why did you not figure this out?
Public pensions are ponzi schemes for the most part and should not be guaranteed. The pensioner should only be entitled to what they contributed from their paycheque. So if you contributed 250,000 thats all you can expect back or a small % return of that 250,000 per month. If your a smart trader/ investor you could make a 15% return, but 5-7% would be a realistic return on that 250,00. So that's 20k per year. The government made promises that could not be guaranteed.
Why the do these people think they are owed other than what they put in?
Well, for starters, the interest, which you allude to, and then say they shouldn't get that, then you say 250K/ month. His retirement was 25K/yr, it is now 10K. The pension is the only reason some people choose civil service. Otherwise, all of the really technically difficult jobs would have to be contracted at twice the cost.
Even worse here in Canada. Government bails out these over paid pensioners. Government "workers" retire at 55 with huge pensions and benefits and private sector workers work till they die.
I can see a 50% cut but 60% thats crazy !
More cuts coming and well needed!
Fl, Broward County Schools Safety officer retired after 25 yrs, County pension $8,600 a month, plus medical. 3hrs work for 8hrs pay, of City, County, State empolyees enjoy lax supervision. Currently, CA, billions of tax dollars cover medical expenses for Many illegal immigrants. And that's just medical$$$ WIC, EBT CARDS, $$$assistance for rent. Many illegal immigrants think of rights they never fought for in the US . Back in the country they left behind, they are entitled to nothing in those Banana Republics. The illegal immigrants are being used by democrap leftist academic creeps Obamamichele, Pelosi, Bernie, Valeri jarrett, Podesta group, Soros Foundation.
Rivera juiceBar . Wrong. R. b.j..
You blame illegals, yet all those politicians and so called high rank jobs earning ridiculous wages 100k + a year. What do you think their pension looks like? Take a look around. They find all these creative ideas to justify how they use our tax paying dollars.
The Lords Sheep are going to get Fleeced , i am sad to say.
We have trusted these Wolves with our Lives
Now they are Going to Turn on us.
This is when you need the Lord as your Shepard , trust me
We have not even seen Anything yet , it will get very Ugly in a few Years.
God Help us !
Typical public sector attitude, he gets overpaid to do a job badly and thinks he’s a hero for turning up.
Who gets to work 21 years and retires. #no bailout
meaturama so if you start working at age 25 in the government you should be able to retire at age 46 full pay??? 🤔 🤔
A life long dem (most likely) and NOW everything should get restructured.
What’s to stop this from spreading .
ESG will save us.
I google earthed this town. It's tiny with homes I would call modest at best. These people have had it pretty good for awhile.
The two problems in California;1) California can not print its own money2) People are leaving the golden state because of piss poor politicians
This man paid for his own pension - nothing is free- abusing his money - bottom line !
They need to cap benefits.
2008 the entire bank system almost collapses they congress and senate one week or great depression the treasury secarty and federal resver chairman.
That's what happens when you vote for politicians, just because they promise you other people's money.ask not what can my government do for me.rather ask what can I do for my government.
I do not know why people do not get this! This was known decades ago! My mother lived to age 89. Highly intelligent person driven by the Lord Jesus Christ. You need to serve the lord until your death. That goes to social security and Medicare. It is not going to be there. My blessed mother never believed in a manner state. She actually post leaving her job worked every day usually more then 8 hours.
How much wash he getting to begin with????
25K/yr before cut, 10K/yr after cut.
Were you one of those 10 guys standing around while one guy digs the whole? At a 60% cut that should put you right where the average S.S. person gets. Get a real job.
City manger and city council and Drictor finance .was making desion.
horrible😪😢😰