# CaIPERS Down the Crapper



## RedLion (Sep 23, 2015)

CA public employee retirements system is about insolvent. The commies have wrecked it.



> The largest public pension fund in the United States is the California Public Employees Retirement System (CalPERS) for civil servants. California is in a state of very serious insolvency. We strongly advise our clients to get out before it is too late. I have been warning that CalPERS was on the verge of insolvency.


Get a load of the balls of these commies and what they have been discussing....



> they were secretly *lobbying Congress to seize all 401K private pensions and hand it to them to be managed.* Mingling private money with the public would enable them to hold off insolvency a bit longer. Of course, CalPERS cannot manage the money they do have so why should anyone expect them to score a different performance with private money? Indeed, they would just rob private citizens to pay the pensions of state employees and politicians.


https://www.armstrongeconomics.com/world-news/pension-crisis/calpers-on-the-brink-of-insolvency/


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## Gunn (Jan 1, 2016)

The gall of some people. I am so sick of that state. We need to kick their a$$es out of the union before it is too late.


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## RedLion (Sep 23, 2015)

Gunn said:


> The gall of some people. I am so sick of that state. We need to kick their a$$es out of the union before it is too late.


I know that if I lived in CA and they somehow took 401K's.....I would no longer sit and wait, but go Paul Kersey on those responsible.


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## Sasquatch (Dec 12, 2014)

Hey @Denton get that bunk bed ready. When CalPer's crashes imma need a place to stay.

Sent from my SM-G900V using Tapatalk


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## Denton (Sep 18, 2012)

Sasquatch said:


> Hey @Denton get that bunk bed ready. When CalPer's crashes imma need a place to stay.
> 
> Sent from my SM-G900V using Tapatalk


Already ready.


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## hwminich (Mar 5, 2018)

Seizing the 401Ks may not be that far fetched! Remember Cyprus!


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## Camel923 (Aug 13, 2014)

Could also be the plan in other States as well as the Feds.


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## paraquack (Mar 1, 2013)

You mean like ILLinois???
Now you know why I evac'd 4 years ago.


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## Gunn (Jan 1, 2016)

Maybe I am stupid. But, I can't even come to some far fetched logic where anyone could even think this is legal. Just because they mismanage their peoples retirement they think it is OK to mismanage someone not even associated with them? That sounds about like something Moonbeam came up with when they were passing around a "Bowl".


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## soyer38301 (Jul 27, 2017)

paraquack said:


> You mean like ILLinois???
> Now you know why I evac'd 4 years ago.


Wish I could evac...but stuck here at the moment. Just trying to make the best of it...

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## dwight55 (Nov 9, 2012)

Sasquatch said:


> Hey @Denton get that bunk bed ready. When CalPer's crashes imma need a place to stay.
> 
> Sent from my SM-G900V using Tapatalk


Forget Denton, . . . you gotta come to Ohio, . . .

I can get gigs for you, . . . big bucks, . . . together we'll go in at night , . . . I'll hit the lights and the sirens, . . . you jump out of the bushes, . . . the usurpers and squatters will all run, . . . we'll clean up from the older long time residents.

Might be able to set up some Exorcism gigs too, . . . you know, . . . lights / siren / screams, . . . you can just scare the devils out of em.

I'm tellin you, . . . we can do it.

May God bless,
Dwight


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## Sasquatch (Dec 12, 2014)

Gunn said:


> Maybe I am stupid. But, I can't even come to some far fetched logic where anyone could even think this is legal. Just because they mismanage their peoples retirement they think it is OK to mismanage someone not even associated with them? That sounds about like something Moonbeam came up with when they were passing around a "Bowl".


That's why they were _secretly_ lobbying Congress to do it. They knew if people got wind of that happening there would be pitchforks, torches and long guns headed their way. And Congress knows not to do it because the same fate would befall them.


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## StratMaster (Dec 26, 2017)

Something you wouldn't hear about until after it happened... otherwise there would be a mad scramble/bank run. Welcome to the ominous foreshadowing of the coming capitol controls.


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## stowlin (Apr 25, 2016)

This is my field, profession I guess you’d say as I still have 3 Corp clients in CA I manage 401k services for, and if they went after 401ks they’d have access to trillions and that’s why they want it. You should all know why there is a problem as someone wrote mismanagement and in one case that is true and it’s at the govt agency level not PERS itself who as an investor does well. The problem is a public employee for 20-30 years has a sum set aside to give them a defined pension return no matter what markets do and people assume poorly that PERS fails to invest wisely and make good on its promise. Unfortunately that’s not the case. Imagine a 20 year employee averaging 75,000 a year promised about 24% of their income for 20 years of service. The government puts aside enough money to pay them 18,000 a year as planned. Only they opt to work three extra years which gets them to 30% and the union negotiators who worked with politicians they elected agreed the 30% would be based on the employees last year only. In that last year they get a nice promotion to principal, lieutenant or some other elevated position that pays 120,000 a year. Now PERS saved enough to pay them about 22,000 but is required to pay them 36,000 for as long as they live plus a COLA. PERS is Down a good 33% of what it needs to make that obligation and since CAs government agencies are the states biggest employers they are what you and I call screwed big time.


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## Sasquatch (Dec 12, 2014)

stowlin said:


> This is my field, profession I guess you'd say as I still have 3 Corp clients in CA I manage 401k services for, and if they went after 401ks they'd have access to trillions and that's why they want it. You should all know why there is a problem as someone wrote mismanagement and in one case that is true and it's at the govt agency level not PERS itself who as an investor does well. The problem is a public employee for 20-30 years has a sum set aside to give them a defined pension return no matter what markets do and people assume poorly that PERS fails to invest wisely and make good on its promise. Unfortunately that's not the case. Imagine a 20 year employee averaging 75,000 a year promised about 24% of their income for 20 years of service. The government puts aside enough money to pay them 18,000 a year as planned. Only they opt to work three extra years which gets them to 30% and the union negotiators who worked with politicians they elected agreed the 30% would be based on the employees last year only. In that last year they get a nice promotion to principal, lieutenant or some other elevated position that pays 120,000 a year. Now PERS saved enough to pay them about 22,000 but is required to pay them 36,000 for as long as they live plus a COLA. PERS is Down a good 33% of what it needs to make that obligation and since CAs government agencies are the states biggest employers they are what you and I call screwed big time.


Great post and for those that aren't in the middle of this, all very true.

Just to add to this; CA always expected that money would be spent in CA and, sort of, put back into the economy (retiree buying groceries, a car, insurance, etc.). But that hasn't been the case. CA is such a crap hole most people retire and leave CA for a non communist state (AZ, NV, UT, ID) and that money is taken out of state. Another layer to the pension tsunami that is coming.


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## Prepared One (Nov 5, 2014)

Typical socialist liberal mindset, keep throwing other peoples money at it.


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## Smitty901 (Nov 16, 2012)

Time machine. It was Obama that had suggested taking all 401's. Paying you 2% on the money and dividing it up among others that had no 401 . Basically setting a 401 of everyone at a government rate. You never got your principle back at all was gone at death. Not your money you did not earn it.


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## MI.oldguy (Apr 18, 2013)

Of course this is legal,its CALIFORNIA.they need to come out of the closet and admit that they are socialists.


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## MountainGirl (Oct 29, 2017)

Sasquatch said:


> Great post and for those that aren't in the middle of this, all very true.
> 
> Just to add to this; CA always expected that money would be spent in CA and, sort of, put back into the economy (retiree buying groceries, a car, insurance, etc.). But that hasn't been the case. CA is such a crap hole most people retire and leave CA for a non communist state (AZ, NV, UT, *ID*) and that money is taken out of state. Another layer to the pension tsunami that is coming.


Yeah, and the money they're bringing is causing all kinds of probs (property shortages, prices through the roof) which is bad enough but they're also bringing their ideas with them: Californication abounds.

Pardon the off-topic rant. Carry on.


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