Source: Los Angeles Times
Date: Sunday, September 18, 2016
Article: The political deal that's costing the state billions
Writer: Jack Dolan
U-$0.10-B-0.006065-BE-17
Go to Questions
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Answer Key
1. The California's Employee Pensions will cost taxpayers $5.4 billion.
2. Ronald Seeling, CalPERS' Chief Actuary said, "if the CalPERS pension fund's investments grew at about half the projected rate of 8.25% per year on average, the consequences would be 'fairly catastrophic.'"
3. State pensions are funded by regular deductions from workers' paychecks and contributions from the state.
4. CalPERS invests the money to cover future benefits.
5. No, the employee contribution to CalPERS remains fairly constant.
6. Yes, the employer contribution fluctuates based on CalPERS investment returns.
7. The employee needs to work 20 years to get lifetime health insurance.
8. CalPERS has 13 board members.
9. 6 CalPERS board members are chosen by the public.
10. 7 CalPERS board members are appointed by elected officials and their appointees.
11. CalPERS in 1990 was $49 billion.
12. CalPERS in 1999 was $159 billion.
13. Governor Pete Wilson took $1.6 billion from CalPERS accounts in 1991 to help close a state budget gap.
14. CalPERS investments lost 3% in 2008.
15. CalPERS investments lost 24% in 2009.
16. William Crist received over $800,000 from a British financial firm to help secure hundreds of millions in investments from the pension fund.
17. California Highway Patrol won the jackpot with SB400.
18. CHP Officers who retired in 1999 will receive $62,218 in retirement with at least 30 years on the job.
19. CHP Officers who retired after 1999 will receive $96,270 in retirement with at least 30 years on the job.
20. Dan Pellissier is the President of California Pension Reform.
21. California Pension Reform is an advocacy group seeking to curb retirement benefits.
Reference:
http://www.latimes.com/la-bio-jack-dolan-staff.html
Date: Sunday, September 18, 2016
Article: The political deal that's costing the state billions
Writer: Jack Dolan
U-$0.10-B-0.006065-BE-17
Go to Questions
Go to 2016 Articles and Book Directory
Answer Key
1. The California's Employee Pensions will cost taxpayers $5.4 billion.
2. Ronald Seeling, CalPERS' Chief Actuary said, "if the CalPERS pension fund's investments grew at about half the projected rate of 8.25% per year on average, the consequences would be 'fairly catastrophic.'"
3. State pensions are funded by regular deductions from workers' paychecks and contributions from the state.
4. CalPERS invests the money to cover future benefits.
5. No, the employee contribution to CalPERS remains fairly constant.
6. Yes, the employer contribution fluctuates based on CalPERS investment returns.
7. The employee needs to work 20 years to get lifetime health insurance.
8. CalPERS has 13 board members.
9. 6 CalPERS board members are chosen by the public.
10. 7 CalPERS board members are appointed by elected officials and their appointees.
11. CalPERS in 1990 was $49 billion.
12. CalPERS in 1999 was $159 billion.
13. Governor Pete Wilson took $1.6 billion from CalPERS accounts in 1991 to help close a state budget gap.
14. CalPERS investments lost 3% in 2008.
15. CalPERS investments lost 24% in 2009.
16. William Crist received over $800,000 from a British financial firm to help secure hundreds of millions in investments from the pension fund.
17. California Highway Patrol won the jackpot with SB400.
18. CHP Officers who retired in 1999 will receive $62,218 in retirement with at least 30 years on the job.
19. CHP Officers who retired after 1999 will receive $96,270 in retirement with at least 30 years on the job.
20. Dan Pellissier is the President of California Pension Reform.
21. California Pension Reform is an advocacy group seeking to curb retirement benefits.
Reference:
http://www.latimes.com/la-bio-jack-dolan-staff.html
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