CalPERS (government pension) "Myths vs. Facts"

[SHRED]

Myth: The State of California and taxpayers pay the total cost of public pensions.
Myth: Public pension benefits are excessive and a drain on the public.
Myth: CalPERS is going to run out of money because of baby boomers retiring.
Myth: Pensions are among the highest costs of State government.
Myth: Rate smoothing is funny accounting that requires future generations to pay pensions of those working today.


http://www.calpersresponds.com/all-myths-vs-facts.php


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[mike_c]

1. my PERS pension gives me peace of mind and hope for retirement....

Everyone in the U.S. should have a pension like that. Everyone.

[CountAllVotes]

2. the PERS pension you speak of

Is very quickly going to hell in a hand basket. Wake up!!!

Retirees have been shifted into Medicare D now and just try getting the RX filled that you were using regularly last year! They want you to either not use it or try something else made by some crap ass generic drug company. If you don't like it you have to appeal appeal appeal appeal and write letters galore. If you are very lucky, you might win your appeal.

As for long-term care, another grand rip-off that is/was. It was supposed to be a fairly much locked-in deal BUT now it is not. Premiums will be going up 85% next year. Many cannot afford this -- as much as $1,000.00 a month for some.

Recently, the retirees newsletter stated that they finally caught some guy ripping off PERS at a high level in the accounting area. He was caught stealing $50,000,000.00 and while the cost of the RX coverage for retirees was $170,000,000.00 a year, this shift to Part D makes it cheaper for PERS now and in the mean time, how many of these crooks are still operating in PERS, stealing money? I think a lot of them, that is what I think.

I am disgusted with what they have allowed to happen.

SHAME OF YOU CALPERS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[mike_c]

3. it sounds like your employer or your union negotiated a crappy deal....

Wow. I'm truly sorry your pension plan works that way. I'm not retired yet, so I can't speak from personal experience, but my understanding is that CSU faculty pensions include lifetime health benefits at no or low cost-- in particular, I recall being told at retirement workshops to specifically NOT sign up for Medicare Part D because it would significantly raise my health care costs.

Maybe I'm misremembering, but I'm pretty confident that the CSU and CFA have negotiated a PERS pension plan that includes full lifetime health benefits continued after I retire. For me and my spouse.

[CountAllVotes]

4. Re-check where it now stands

It is This way systemwide best I know and went into effect without any notice whatsoever on Jan. 1, 2013. Surprise surprise surprise!

Thanks a lot CalPERS!

[Mr.Bill]

5. Here's a few facts to go along with your myths.

http://abclocal.go.com/kgo/story?section=news/politics&id=7451504

[CountAllVotes]

6. yep PERS lost a load of $$$

They had it invested in real estate and that bubble went *pop* as we all know.

They have a bunch of crooks working for them that have been stealing from them for who knows how long? How many others are out there? I don't know. Probably many is my thought.

Being they can no longer afford to pay for the retirees the health care that was PROMISED to them when they retired, they slipped them into Part D to "save money for the company" I was told.

It is pure crap now, this much I know already.

[Mr.Bill]

7. The bottom line is

that when Calpers can't meet their commitments, the taxpayers of California are liable for the balance. That is where they differ from other pension funds.

[ProgressiveProfessor]

8. The real issue is if CALPERS is actuarially sound

And most outsiders do not think so.

I am getting benefits from CALPERS and am seriously concerned about its overall health.