California Pen$ion Nightmare Wor$en$
What is the best part of a nightmare?
When you wake up and it is over.
The folks in California do not have that luxury as they get to live the nightmare that defines their public pension system everyday. In fact, the nightmare is getting scarier. How so?
The “not so exclusive” California $100,000 Club continues to experience explosive growth. Let's check in on this club which since last we checked a year ago has seen close to a 25% increase in size.
Thanks to the folks at Fix Pensions First for this fabulous expose,
12,199 retired California government workers receive pensions in excess of $100,000
They're all listed here.
The information below was obtained under the Freedom of Information Act from the California Public Employees Retirement System (CalPERS). This list may be be updated periodically with more pensioners as more data is obtained.
THE TOP 10 LIST
Malkenhorst, Bruce V
Fuster, Joaquin M
UC Los Angeles
Gerth, Donald R
Stahl, James F
LA Co Sanit #2
Schlag, John D
UC Los Angeles
Southard, Glenn D
Adams, Randy G
Newell, George T
Santa Clara County
UC San Francisco
When we checked in on this club a year ago, it had 9,812 members. The club is going to need a bigger tree house as the last report just recently released counts the membership at a staggering 12,199 individuals. How does a club like this grow so large so fast? I maintained a year ago and repeat today,
What makes the entrance into this club so special is the ability of the members to curry favor with those controlling the purse strings. Smell a little funny? Just a little? See the real entrance into this club is effectively a circuitous system of ‘payoffs' and ‘kickbacks' with the ultimate costs borne by average American citizens.
Juxtapose the recent headcount of 12,119 next to the at 9,812 released in June 2011. That mental image of California sliding into the Pacific Ocean under the weight of these pension obligations is becoming ever more real. Look at thes trend lines.
No way to run a state . . . let alone a country!!
What do readers on the left coast have to say about this nightmare?
What do readers everywhere think about the public pension nightmare in your own states?
I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.