Somebody came to the blog via a search – “cal pers going broke…” So I googled that, and found this interesting article from “The State Worker”.
http://www.sacbee.com/news/politics-government/the-state-worker/article204340914.html
Public employees just now losing confidence in CalPERS? So now they want 401K’s.
Just before this article was written, Chris Constantin and Mark Orme (and probably others) opted for 401K accounts instead of asking for more money toward their calpers pensions.
https://chicotaxpayers.com/2018/02/27/calpers-nears-insolvency-meanwhile-city-of-chico-uses-cost-allocation-to-rationalize-fund-pilfering-to-pay-pension-costs/
Unfortunately the link to the Enterprise Record article in that post is no longer good – the ER is in so much trouble, financially, they can’t afford to let anybody read for free? Links I’ve posted to other articles in newspapers all over California still work years later, the Enterprise Record insists everybody has to subscribe. I’m sorry, journalism is dead.
You’ll just have to hold your nose and read the HR documents, they’re still good.
Of course this move does not save us any money – the city of Chico is trying to convince us we’re still on the hook for these pensions, meanwhile setting up new 401K accounts at the same time.
We need to bite the bullet and get out of CalPERS, now, and then we need to get rid of these bloated management employees and start over with employees who expect to pay their own freight.
City of Chico is such a mess – have you been out to South Chico lately? The transient epidemic is a lot worse on the other side of Little Chico Creek. As you drive over the bridge onto Mulberry you see an increasing transient camp on the little triangle of grass and trees that acts as a median. It’s public land, so they move right in, just like Bidwell Park. Meanwhile, the city debates over “the homeless problem,” giving CHAT $28,000 in CBGF money.
https://www.chicohousingactionteam.org/
These people run “safe shelters” in revolving locations around town, with a lot of secrecy, because they know Chico residents are sick of transient criminals being brought into their neighborhoods through various, unrelated programs. Their future goal is to get land and house transients in what amounts to sheds, with common toilets, electricity, and running water, all provided by generous donations? No, they’ve got their (expletive) in the Community Block Grant Funding, which is made up of tax dollars.
In past, CBGF money has gone to organizations like The Opportunity Shop, the Cat Coalition, the Nature Center, the Blue Room – it’s astounding to me how they hand this money out without the kind of scrutiny a sound financial institution would give a borrower. Get a load of CHAT’S “budget” – and think back to the mound of paperwork you had to turn in for your first mortgage.
Speaking of mortgages, you property tax payers should really sit in on a Finance Committee meeting sometime when they’re forgiving all the rules for somebody who borrowed city money to buy a house and now wants all the rules and requirements forgiven, even the loan itself forgiven. It happens several times a year, watch the agendas.
You’d think they had a cookie jar without a bottom on it. Oh yeah – that’s US!