Saturday, May 16, 2009

The Six Figure Club

The Santa Rosa Press- Democrat editorializes this morning about the growing number of public employees retiring with incomes in the hundreds of thousands of dollars. Many retirement funds are short of money right now and, if the funds can't cover these retirements, taxpayers will have to pick up the tab.

I don't think these expenses are included in all the wrangling over the general fund budget, or are they? Either way, bad news. I mentioned before I'd be interested to see how our city and county retirement funds up here are doing.
The Ukiah Daily Journal also reports on pension liabilities this morning. Looks like Mendocino County will be short millions in their pension funds.

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At 10:07 AM, Anonymous Eel River Ernie said...

Thanks for the info and links! I did a quick check of my former employer's list and was not surprised to see at least three former union officials in the "Club." Two of them were, or had been, "full time release" employees. For those of you who don’t know, the state authorizes certain union officials to not have to report to work at a duty station. They are “released” from that responsibility to pursue their union activities “full time.” These employees receive a full salary, benefits and planned overtime. They are also entitled to automatic promotions in grade based on time served. These are typically the union president, vice president and rank and file representative.

At 10:26 PM, Anonymous Anonymous said...

Unions are and will destroy
this country!

At 11:23 AM, Anonymous Anonymous said...

what % of the state budget shortfall is because of pension obligations to retired workers?

At 1:08 PM, Blogger Fred said...

I'm not sure that pension obligations are even included in the current budget debate and I'm not sure how much of those obligations belong to state or local governments.


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