by Jack
L.A. has been a nice place to visit, but I wouldn’t want to live there ad now I’m back. I’ve spent the last 4 days in business meetings with RPEA, CalPERS, Medicare, HiCap and a few other major retirement groups and their representatives.
We were representing at total of three states and tens of thousands of members, so this was a pretty big deal.
Every day was long with many presentations and many types of work shops.
The short version of this story is, it was enlightening! For the last week we have been discussing retirement benefits for public employees, health insurance for public employees and retirees and significant changes in Medicare. Also the $300 billion CalPERS now has and how we can best preserve it. Do you realize that’s more money than exists in many countries around the world and it belongs to CA public employees and retirees for the State of California. A lot of people would like to get their hands on that money too, including the legislators in Sacramento who like to spend more than we take in.
The good news this is one area of the State that is still solvent, but benefit costs are going up, up, up and that means public employees contributions will too and most likely cost cutting to benefits will be coming our way – that much seem inevitable due to the changes in CA’ economy.
My head is still spinning from all the facts, figures and research material and it’s going to take me a few days to decompress and sort it all out. However, I’ll give you an update as soon as time permits. But, until then I would like to just weigh in on the subjects in play when I can.
(Note to the ER online boss: Sure will be glad to get our ability to upload pictures back, hope that fix is in the works! )
Great to have you back and I look forward to reading more about this.
Welcome back Jack.
Thanks Pie!
Jack, Two areas I’d be interesting in hearing about when you write your update.
Are revisions to current Service Credit Purchase Option under discussion?
Service Credit Purchase Options:
http://www.calpers.ca.gov/index.jsp?bc=/member/service-credit/purchase-options/home.xml&pst=ACT&pca=ST
Are revisions to current DROP (Deferred Retirement Option Plan) under discussion?
California Public Employees Making Bank On Pensions:
http://dailycaller.com/2014/06/20/california-public-employees-making-bank-on-pensions/
…and that means public employees contributions will too and most likely cost cutting to benefits will be coming our way.
I seriously doubt it. Brownie and the Dems will stick it to the taxpayers first and as much as possible. They are completely controlled by the public sector unions who will not tolerate real cuts. Sure, they will cut back on benefits for government employees who will be hired in the future but not those already working and retired.
They will rack up more debt, cut back on public services and raise taxes long before they actually cut benefits for public employees.
Oops. sorry forgot to welcome you back.
Have you had your laugh today? Watch Stewart slam Hillary and CNN.
http://newsbusters.org/blogs/laura-flint/2014/06/19/jon-stewart-pokes-fun-hillary-interview-hype?utm_source=Facebook&utm_medium=Marketing&utm_term=Facebook&utm_content=Facebook&utm_campaign=Stewart-Hillary