Wednesday, December 12, 2012

The CalPERS Brochure Selling California SB400

In 1999, the California Public Employees' Retirement System (CalPERS) convinced the California Legislature to grant retroactive, unfunded retirement benefits to state employees.

Thanks to a booming stock market, courtesy of the late 1990's Dot.Com bubble, these extra benefits would be paid from the incredible (but bogus) stock market returns, freeing both employees and taxpayers from the burden of funding retirement benefits.

Unfortunately, history has proven most unkind.

The full report is available here in PDF form.  The PDF file was created from an original faxed copy and has been OCRed so that most of the text is searchable.

See also ...

No comments:

Post a Comment