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A Question For California State Employees - freeradical - 07-24-2009
Calpers lost almost $60 Billion last year. Do you think your retirement pension is safe?
http://www.nytimes.com/2009/07/24/business/24calpers.html?hpw
Re: A Question For California State Employees - Stephanie - 07-24-2009
This is probably a good question for ANY public employee who has a similar pension plan. I know ours lost money but I haven't heard of any problems with it. The state's finances, on the other hand, are not good (mostly thanks to a stupid move on our governor's part). I know that the legislature in our state is considering changes to our retirement - making the minimum years of service 30 instead of 25. In another week, I'll be getting a pay cut in the name of reducing the state's contribution to the pension fund (employee contributions are increasing).
I think that if plans like Calpers fail, there will be a huge fallout. Most state employees are underpaid compared to their private sector counterparts. Most employees that I know of don't have additional money socked away. In fact, most that I know of live paycheck to paycheck. I think career state employees in general depend on the promise of a pension to get them by once they retire.
Re: A Question For California State Employees - Paul F. - 07-24-2009
As a school employee, I have to pay into CalPers.
I do not expect ANY government mandated "retirement" plan to still exist by the time I retire. I write it off as Danegeld to the Federal Danelaw... I'll get pillaged if I don't pay it, but it's not for MY benefit in the end.
If I don't save a healthy percentage of my paycheck, and live below my means, to save and invest MYSELF, I'm in deep doo doo.
(and I won't lie: I'm about 15 years late in coming to that realization, and at least the same number of years behind in saving...).
Re: A Question For California State Employees - freeradical - 07-24-2009
If I were a state employe, I would much prefer to simply get a bigger paycheck than participate in a pension plan. I could then choose to invest or save the money as I saw fit.
States can of course choose to tax people to bail out their pension funds, but people can also make a choice by leaving a state if they feel their taxes are too high.
A bird in the hand is worth two in the bush...
Re: A Question For California State Employees - Stephanie - 07-24-2009
freeradical wrote:
States can of course choose to tax people to bail out their pension funds, but people can also make a choice by leaving a state if they feel their taxes are too high.
You don't work for state gov't do you?
States won't tax people to bail out their pension funds because it would piss the citizens off. Think about it - people who've never worked in gov't tend to think that civil servants are overpaid and underworked (when the opposite is usually true).Instead, states will have their employees bail out the pension funds by increasing minimum service time for retirement benefits, increased employee contributions and decreased employer contributions.
The citizens of any state would never allow their state's legislature to bail out public employees retirement funds. Legislators won't go for taxing the citizens on this issue because they know if they do, they won't be re-elected to their cushy positions.
Re: A Question For California State Employees - M>B> - 07-24-2009
Never put your eggs in one basket![sup][/sup]
Re: A Question For California State Employees - Stephanie - 07-24-2009
M>B> wrote:The smart ones don't but that still leaves plenty that can't afford to or have too much faith in the system. And around here, there don't appear to be too many smart ones.
Never put your eggs in one basket![sup][/sup]
Re: A Question For California State Employees - Lee3 - 07-24-2009
I'd love to have COLA (cost of living adjustment) on my pension. Funny that I don't see any of the people losing their jobs on this board being on the public payroll.
Re: A Question For California State Employees - JoeH - 07-24-2009
Lee3 wrote:
I'd love to have COLA (cost of living adjustment) on my pension. Funny that I don't see any of the people losing their jobs on this board being on the public payroll.
Okay, so you have not seen any here. But I have seen jobs lost where I work. There are 3 positions in the department I work in that have gone vacant over the last year or so that have not been filled. The associate director who was in charge of several departments as well as mine left last year and has not been replaced. Elsewhere on the campus there have been a number of layoffs, and non-renewals of contracts for professionals and non-tenure track faculty.
As for losing a job, several years ago I lost mine along with two others I worked with. The union contract gave us preferential hiring rights into similar jobs we were qualified for. I and one other guy did find new positions, but I took a $150+ a week pay cut. I did look off the campus to see if I could do better, but the economy around here was already starting to go bad then. As it is, last year we got no COLA, and the new contract that was finally signed this Spring only gives us 1%, if it gets passed by the state legislature.
Re: A Question For California State Employees - Stephanie - 07-24-2009
Lee3 wrote:
I'd love to have COLA (cost of living adjustment) on my pension. Funny that I don't see any of the people losing their jobs on this board being on the public payroll.
COLAs are much better on pensions than they are when you're working. In my state, in GOOD years, state employees get 1.25-2.00 % increases. In bad years we get none or we get pay cuts. We don't get raises either (I mean never, not even in good years). The only way to get raises is to move to a new position.
State government has different TYPES of employees. In our state we have permanent, term and temporary. The reason that you're not seeing huge govt layoffs is because states quietly get rid of temps & terms first. We're running very lean at the moment (not that our state ever runs "fat"). There is also a hiring freeze in place & all departments received an across the board 10% cut last year with more on the way this year. Also, just because I don't post about how MY job is going doesn't mean I'm employed. If I am employed, it doesn't mean I'm not worried about my job either. Quite frankly, I'm keeping that information private & I will only say that I have NEVER been so stressed out in my life. For the first time ever, I am suffering from serious insomnia & other issues.
Just because some people haven't posted about their job woes, don't assume they must be in cushy, carefree jobs!