Fullerton’s public safety pension debt just exploded. Numbers from a new report just released by CalPERS pin the unfunded pension liability for Fullerton’s police and fire at $126,843,150.
Hey little guy. Cash or credit?
The new figures represent a first look at Fullerton’s pension crisis after the market crash of 2007 (yes, CalPERS is that slow.)
Read the rest of “Kaboom. One Hundred and Twenty-Seven Million Dollars”
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Next time you hear “safety services are down!” look no further than your friendly neighborhood police or fire employee whose pension system that allows “retirement” after 55 (even though they can then go and immediately get another job elsewhere) and sometimes multiples of their “real pay” (because of provisions that allow them to jack up their lifetime retirement benefits artificially by working overtime during their last years of service). The system has been gamed long enough and it is time for a little accountability.
Geoff.
We all know the problem.What is required is the courage for our elected officials to create an acceptable solution.
I completely agree with you Larry. However, even though we all know it and it should be VERY obvious, the unions have done a good job of controlling the message and repeating untruths and half truths. I think we need to keep repeating the obvious and real truth.
Taxpayers in every city should be looking at this information, although CalPERS and city staff would really rather you pretend it doesn’t exist.
Please feel free to contact me if you need help gathering this information.