Posts Tagged ‘state-run pensions’


Deprecated: Function get_the_author_description is deprecated since version 2.8.0! Use get_the_author_meta('description') instead. in /nas/content/live/mygovcost/wp-includes/functions.php on line 5383

CalPERS Court Loss a Big Hit on Taxpayers


Wednesday June 28th, 2017   •   Posted by K. Lloyd Billingsley at 9:23am PDT   •   1 Comment

The U.S. Supreme Court has dismissed a lawsuit by California’s public employee retirement system against investment banks that supposedly “duped” them into buying some $700 million of stock. CalPERS, the nation’s largest pension trust fund, could have joined a class-action with others but declined to do so. Then CalPERS missed the three-year statute of…
Read More »

Pension Retro-Ripoff


Monday February 13th, 2017   •   Posted by K. Lloyd Billingsley at 8:57am PST   •   0 Comments

  Back in 1999, under governor Gray Davis, the State of California boosted pensions and allowed most government employees to retire at the age of 55. This led to a surge of unfunded liabilities, and even Jerry Brown pushed for minor reforms. State employees hired after January 1, 2013, would have to work to…
Read More »

Class-Action Lawsuit Targets Taxpayers


Wednesday September 30th, 2015   •   Posted by K. Lloyd Billingsley at 11:58am PDT   •   0 Comments

In California Dreaming: Lessons on How to Resolve America’s Public Pension Crisis, Lawrence McQuillan discovered that California accounts for $550 billion to $750 billion of the $4.7 trillion in unfunded pension liabilities nationwide. The biggest player is the California Public Employees’ Retirement System (CalPERS) which in 1999 assured legislators that its investment earnings would…
Read More »

Government Pension Surge Drives Tax Increases


Monday November 3rd, 2014   •   Posted by K. Lloyd Billingsley at 4:55am PST   •   3 Comments

This week voters in California will make the call on, count ‘em, 140 tax increases, from sales taxes to levies on soda and marijuana. If voters should wonder what is driving these tax increases, Mark Bucher of the California Policy Center has a few suggestions in his October 26 Sacramento Bee article headlined “Big…
Read More »

Double-Dip Waste


Wednesday May 7th, 2014   •   Posted by K. Lloyd Billingsley at 7:05am PDT   •   0 Comments

Taxpayers prone to wonder why government is so wasteful should take a hard look at government-employee pensions in general and the practice of double-dipping in particular. As this report notes, Bill Carnahan, head of the Southern California Public Power Authority, took both his full-time salary and his pension at the same time, and he…
Read More »

U.S. Cities Face Half a Trillion Dollars in Government Employee Pension Deficits


Tuesday October 12th, 2010   •   Posted by David Theroux at 1:53pm PDT   •   4 Comments

In a new article in the Financial Times, Nicole Bullock reports that a huge pension deficit of more than half a trillion dollars for 50 U.S. cities may produce calls for a massive federal bailout: “Big US cities could be squeezed by unfunded public pensions as they and counties face a $574 billion funding…
Read More »

Facebook Twitter Youtube

Search MyGovCost