novaBBS - alt.politics - Re: At $1.5 trillion, Pelosi / Newsom run California has nation's largest public pension debt load

Re: At $1.5 trillion, Pelosi / Newsom run California has nation's largest public pension debt load

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From: screw.li...@fat.bitches.com (Johnathon Bald)
Sender: Nomen Nescio <nobody@dizum.com>
Subject: Re: At $1.5 trillion, Pelosi / Newsom run California has nation's largest public pension debt load
Date: Thu, 13 Oct 2022 11:38:57 +0200 (CEST)
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by: Johnathon Bald - Thu, 13 Oct 2022 09:38 UTC

In article <XnsAD0E593C9DA7soetoro@95.216.243.224>
governor.swill@gmail.com wrote:
>
> Democrats are all crooks.
>

(The Center Square) � California has a larger unfunded pension
liability than any other state in the nation, a new report
released this week.

The report, released by the American Legislative Exchange
Council (ALEC), found that unfunded pension liabilities
nationwide have climbed to $8.28 trillion, �or just under
$25,000 for every man, woman and child in the United States.�

The report found that California has the greatest amount of
unfunded pension liabilities of any state, totaling over $1.5
trillion.

That amount is a rough estimation of how much the average
pensioner will receive for the projected duration of their lives
in retirement, also factoring in the number of pensioners,
active workers and beneficiaries. After subtracting the
pension�s assets and expected return on investments, the
unfunded actuarial liability is found. It doesn�t include other
pension benefits such as state-paid health care.

According to Ballotpedia, there were 82 public pension systems
in California in 2020. Of those, 10 were state-level programs
and 72 were administered locally. As of 2020, more than 4.4
million Californians were members of the various pension
systems, according to Ballotpedia.

ALEC�s report reviewed 290 state-administered pension plans
across the nation and their assets and liabilities from fiscal
years 2012 to 2020.

The California Public Employees� Retirement System (CalPERS) and
the California Teachers� Retirement System (CalSTRS) are the two
largest pension systems in the nation. The pension funds have a
combined portfolio of more than $570 billion and have 2.7
million Californians as members, according to the state
controller�s office.

CalPERS was 70.6% funded as of June 30, 2020 and had $163
billion in unfunded liabilities, while CalSTRS was 67% funded
with $106 billion in unfunded liabilities as of November 2021,
according to the Reason Foundation. In November, CalPERS
announced changes that would require some public employees in
California to contribute more of their pay to retirement.

There is no state in the nation that has fully funded its
pension plans. Wisconsin has the highest funding ratio in the
nation at 56%, while New Jersey has the lowest at under 18%.

Pension funding health is important not only for participants of
the funds but taxpayers who contribute the lion�s share of the
funding. A poorly-funded pension will require more tax dollars
in annual contributions, crowding out other priorities.

ALEC�s report calls for �sound pension reform,� saying that
�poor assumptions, over promising benefits, chasing returns, and
political investment strategies plague public pensions across
the country.�

California made efforts to reform its pension system through the
California Public Employees� Pension Reform Act of 2013. The act
took effect on Jan. 1, 2013, and placed compensation limits on
members.

One such limitation polices pension �spiking,� which entails a
public employee adding more responsibility or working overtime
in the last years of their employment to inflate how much they
should be receiving in annual benefits from pension funds.

https://www.thecentersquare.com/california/report-at-1-5-
trillion-california-has-nations-largest-public-pension-debt-
load/article_b77e67bc-e842-11ec-ba2b-83e39b9717cd.html#tncms-
source=infinity-scroll-summary-sticky-siderail-latest

Subject	Author
Re: At $1.5 trillion, Pelosi / Newsom run California has nation's largest public	Johnathon Bald

Interchangeable parts won't.

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