CalPERS seeks legislation to avoid pension cuts

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By Stephen Frank,  California Political News and Views

It is now apparent to Guv Brown, the Socialist Democrat party and the people of California—Calpers is collapsing and shortly cuts in retirement checks will HAVE to be made.  No way around it—unless those running government—the Democrats and the unions, want to save the retirement of those forced to contribute to a mismanaged government program.

“CalPERS wants unions and local government groups to come up with legislation that would retroactively correct a mistake that could lead to more pension cuts, like the 63 percent reduction last July in pensions promised about 200 former employees of LA Works.

The mistake was that CalPERS contracted to provide long-term pensions for an employer that only had short-term contracts — no other revenue, not even shared pension liability with another government agency that can impose fees or taxes.

This is just one of the problems facing the system.  My guess is that it will be ignored, as it has in the past, then emergency funds will be allocated.  Tax dollars meant for roads and educations will go to a collapsed pensions system that refused to save itself.

Related article: CalPERS seeks legislation to avoid pension cuts

Stephen Frank: Is the the publisher and editor of the California Political News and Views.  Mr. Frank speaks all over California and appears as a guest on several radio shows each week. He has also served as a guest host on radio talk shows and is a full time political consultant. http://capoliticalnews.com/

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