Entries by Robert Fellner

Caltrans Union Spokesman Understates Engineers’ Cost by $71M

In a hearing on Senator Moorlach’s SBX1-9 (Responsible Contacting for Caltrans) bill, Ted Toppin of the Professional Engineers in California Government (PECG) made a series of demonstrably false claims regarding the cost of Caltrans engineers. Toppin claimed that the cost of a fully-loaded engineer – including all wages, benefits and even the cost of their office and […] The post […]

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CalPERS Spends $50 Million on Investment Advisors, Underperforms Market by 67%

The California Public Employees’ Retirement System (CalPERS) spent nearly $50M on their investment advisors in 2014, despite producing a dismal 2.4% investment return – 67% lower than what the market returned over the same time, as measured by the S&P 500. CalPERS’ 275 investment officers and portfolio managers cost taxpayers $49.27 million, […] Continue reading […]

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University of California Hikes Tuition to Fund Soaring Pensions of up to $350,000 a Year

The University of California (UC) is implementing major changes to their retirement system to address its $12.1 billion unfunded liability, which has been cited as the driving factor behind recent tuition hikes. The proposed changes include a cap on pension benefits and the possibility of offering a 401(k) defined contribution plan […] Continue reading at […]

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Over 8,000 LA County Retirees Made at Least $100K in Pension Pay as Taxpayer Cost Soars

Last year, 8,088 retirees in the Los Angeles County Employees’ Retirement Association (LACERA) received yearly pension and medical benefits packages worth at least $100,000, a more than 11% increase from the previous year, according to Transparent California’s recently published 2014 pension data. At the same time, the employer’s annual required contribution – the cost borne […] Continue […]

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Average CalPERS Pension Up To 5 Times Greater Than Comparable Social Security Payouts

CalPERS officials are fond of saying that their average pension benefit is only about $31,500 – suggesting that CalPERS members’ benefits are at Social Security-type levels. On this basis, they argue it’s a “myth” that public pension benefits are excessive. But is that really true? What happens when something like Social Security’s benefit assumptions – […]