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check out these California fat cats


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2022 Jun 8, 10:44pm   1,979 views  19 comments

by AD   ➕follow (1)   💰tip   ignore  

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https://transparentcalifornia.com/

california has better civil service pensions that the us military and federal civil service ! ! !

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Comments 1 - 19 of 19        Search these comments

1   AmericanKulak   2022 Jun 9, 12:29am  

California is a feudal aristocracy.

Unlike most states in the Union, it has Spanish Water rights instead of Founding Father Anglo-Saxon Common Law Water Rights.

A handful of Noble Houses own much of the surface water in the state; the Governor himself is a housekarl/courtier of the Getty's.
2   B.A.C.A.H.   2022 Jun 9, 7:00am  

Then they retire to no-tax states like Nevada.
3   Al_Sharpton_for_President   2022 Jun 9, 7:11am  

Leave California.
4   RC2006   2022 Jun 9, 7:29am  

Buddy that worked for CA state for 5 years and did not contribute to pension plan told me he just started collecting 1200 a month even he was like WTF and couldn't believe it.
5   porkchopXpress   2022 Jun 9, 7:40am  

Al_Sharpton_for_President says

Leave California.

My family and I are closing on a house in TN and we're outta here end of this month. So fucking excited.
6   AD   2022 Jun 9, 12:32pm  

porkchopexpress says

My family and I are closing on a house in TN and we're outta here end of this month. So fucking excited.


Where in Tennessee ? eastern side in the mountains ? I like south east Tennessee
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7   Ceffer   2022 Jun 9, 1:12pm  

Question is, how long can they keep kicking the can down the road, since the pension funds are in serious deficit. Nice while it lasts, but what will be left over after the inevitable bankruptcy?

Of course, they may succeed in killing most of the population over 60 by then, which will make it moot. Euro pension funds are vapor, too, it appears, which is why the push for de-population, which always starts with the old and young.
8   EBGuy   2022 Jun 9, 1:20pm  

As capital gains go, so goes California...
9   B.A.C.A.H.   2022 Jun 9, 4:44pm  

Ceffer says


Euro pension funds are vapor, too

EBGuy says


As capital gains go, so goes California


For years, Cassandras like Charles Hugh Smith, James Howard Kunstler (why do the skeptics use three names?) and David Collum have been warning that super low interest rates would devastate pension funds if/when rates rose.

It had to do with capital losses of the fixed income "Bonds" stuff in their portfolios. Sure enough I've seen this myself. The brokered CDs in my accounts that I bought in recent years have "unrealized capital losses" that the brokerages update daily. Some of those losses are quite large. I don't care because I got those for the FDIC insurance (money market funds are not insured by the FDIC). I will get the scheduled (miniscule) interest payments and full principal returned when they mature, either from the banks or from the FDIC.

But pension funds and insurance companies' fixed income portfolios are not insured by the FDIC. Smith, Kunstler, Collum and others warned that if rates rise it will be a disaster for those outfits.

For residents in the StatePeople's Republic of California, they'll just make us Tax Donkeys cover those capital losses for the state employees' pensions. Municipalities may try to do that also.
10   FortWayneAsNancyPelosiHaircut   2022 Jun 9, 4:53pm  

Al_Sharpton_for_President says

Leave California.


This is one of the reasons I'm leaving. The system is so fucking corrupt it's too much. Everyone knows it's corrupt, even children at the graduation make those mentions as part of their speeches. The whole fucking system looks out for itself, it's power, it's corruption and greed. It is too big, too unruly, too corrupt, and it fucks taxpayers.

I'm glad to be leaving CA for these (among other) reasons. I hate our fucking government.
11   Hircus   2022 Jun 9, 7:04pm  

ad says
https://transparentcalifornia.com/


How do the pensions work? I always thought a pension paid a yearly amount until you died. But they talk about the pension having a specific value, which implies there's a certain total amount it can payout - which may imply it can only pay out for so many years, not forever.

12   B.A.C.A.H.   2022 Jun 9, 7:19pm  

Hircus says

they talk about the pension having a specific value, which implies there's a certain total amount it can payout - which may imply it can only pay out for so many years, not forever.

It pays out till the pensioner dies. If the pension has survivor benefit, pays out till pensioner and spouse/partner are both dead.

They are sort of like annuities. In fact many pension funds are managed by the same insurance companies that manage annuities.

You can play around with this web site, put in different cash values, to see the monthly annuity payout. This would give you a rough idea of the cash value of a particular pension that has a particular monthly payout.

https://www.immediateannuities.com/
13   Patrick   2022 Jun 9, 7:39pm  

Hircus says

How do the pensions work? I always thought a pension paid a yearly amount until you died. But they talk about the pension having a specific value, which implies there's a certain total amount it can payout - which may imply it can only pay out for so many years, not forever.



Even the forever ones are not necessarily forever.

My brother-in-law was a policeman in Detroit and expected a good pension, but Detroit went bankrupt and it got cut back in spite of his contract and the union.
14   B.A.C.A.H.   2022 Jun 9, 7:56pm  

Patrick says


Even the forever ones are not necessarily forever.

My brother-in-law was a policeman in Detroit and expected a good pension, but Detroit went bankrupt and it got cut back in spite of his contract and the union.

Yes.

Some United Airlines pilots were cocky (cocky aviators, - who'd ever imagine that?) about their fat pensions, so they didn't think they needed to save in IRAs or 401's or whatever. Then in the bankruptcy their pensions were canceled, taken over by the Federal Pension Guarantee Corporation. The federal guarantee has a "maximum", sort of like social security. The highest paid most cocky aviators got the same pension as the lowly ramp worker.

Another one, IBM. Cashed out nearly everyone during the Louis Gerstner years in the 1990's. I worked there for a time in the previous decade. Some of the folks I knew were comfortable in the knowledge that they'd have a comfy retirement with the fat pensions of their paternalistic employer. No need to do 401. But then they were cashed out.
15   RC2006   2022 Jun 9, 8:18pm  

B.A.C.A.H. says

For residents in the StatePeople's Republic of California, they'll just make us Tax Donkeys cover those capital losses for the state employees' pensions. Municipalities may try to do that also.


Or take it from roads and then say we need to raise gas tax or something similar, in the end I guess it's all the same. That what happened last time they tried raising taxes for pension losses.
16   RC2006   2022 Jun 9, 8:22pm  

Patrick says

My brother-in-law was a policeman in Detroit and expected a good pension, but Detroit went bankrupt and it got cut back in spite of his contract and the union.


Just imagine the fallout if it was CA. It would probably trigger foreclosures all over CA and all the state's the CA pensioners have fled to.
17   FuckTheMainstreamMedia   2022 Jun 10, 1:56am  

There’s quite a bit of bad information in this thread. I’ll try to address when there is time. In the meantime if anyone has questions I’m happy to try and answer.
18   FortwayeAsFuckJoeBiden   2022 Jun 10, 11:26am  

Hircus says


ad says

https://transparentcalifornia.com/


How do the pensions work? I always thought a pension paid a yearly amount until you died. But they talk about the pension having a specific value, which implies there's a certain total amount it can payout - which may imply it can only pay out for so many years, not forever.





it is forever. unless the pension fund runs out of money. the amount you see is projected value, however they can easily spend way over that amount if a retiree lives longer.

pension system is draining ca big time. its a very corrupt system.

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