CalPERS "Myths vs. Facts" Propaganda Will Not Change Reality

By Edward Ring
California’s largest state/local government employee pension system, CalPERS, has posted a page on their website called “Myths vs. Facts.” Included among their many rather debatable “facts” is the following assertion, “Pension costs represent about 3.4 percent of total state spending.” This depends, of course, on what year you’re considering, and what you consider to be...

TAGS: California City Pension Burdens, CalPERS, Costa Mesa, pension reform, PEPRA

Retiree with $183,690 Annual Pension Attacks Pension Critics

By Edward Ring
“Critics of public employee retirement benefits are engaging in hyperbole and pointing to potholes as evidence that millions of elderly Californians should be stripped of their retirement savings.” Brian Rice, president, Sacramento Area Fire Fighters, Sacramento Bee, June 2, 2015 Notwithstanding the possibility that saying pension reformers want to see “millions of elderly Californians stripped of their...

TAGS: California City Pension Burdens, public employee pensions

The Glass Jaw of Pension Funds is Asset Bubbles

By Edward Ring
“Calpers argued that the California constitution’s guarantee of contracts shielded pensions from cuts in bankruptcy. The fund also asserted sovereign immunity and police powers as an ‘arm of the state,’ including a lien on municipal assets.” –  Wall Street Journal Editorial, “Calpers Gets Schooled,” February 8, 2015 If you want powerful evidence of crony capitalism...

TAGS: California City Pension Burdens, CalPERS, CalSTRS, Stockton bankruptcy