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Doesn't 70% of CA tax revenue go towards paying pension obligations Not even close. The article linked by the comment I replied to states that CA will chip in
by mmanfrin 10y ago
Doesn't 70% of CA tax revenue go towards paying pension obligations
Not even close. The article linked by the comment I replied to states that CA will chip in $5.4bil -- last years budget was $122bil.
Maybe you got the 70% figure from where CalPERS gets its funding? Currently yearly contribution is ~70% from the state, but there was a bill passed that is shifting some of the requirement on to those who will benefit from it.
- chaostheory 10y agoI'm not sure why both of our comments got downvoted, but thanks for the clarification. Yes there was a new bill and there was a shift, but most of the burden is still on the state of California which makes sense since CALPERS is an agency of the state of California. Isn't CA still ultimately responsible for CA pensions? I just felt that CALPERS was in trouble years ago when they were selling their members an advancement in years for the pension if they paid a fee upfront (which could be deducted from their paychecks) in order to meet current pension obligations. Current CA pension debt is $965 Billion. It'll become $1 Trillion soon. http://www.pensiontracker.org/index.php http://www.pensiontracker.org/index.php