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June 16, 2010 California Commentary Public Pensions Could Bankrupt California by Adam B. Summers and Jon Coupal California's $19 billion budget deficit seems to worsen by the day, but an even larger financial crisis is brewing in the state's pension system. Over the last two decades, state lawmakers have bestowed massive implemented the one-year final salary rule in 1990, has cost taxpayers more than $100 million a year. It was supposed to cost "only" $63 million per year. The results are lavish pensions for government workers and big retroactive benefit increases. In the short-term, the state should also require employees who have previously retired to forfeit their retirement checks while they are on the state's payroll to avoid double-dipping and collecting multiple checks, as over 5,000 former state employees are doing today. California's pension and retiree health care benefits are unaffordable and unsustainable. Gov. Schwarzenegger and a few The Julian News 13 MOUNTA q HOMES. CABINS* LAND. RENTALS. PROPERTY MANAGEMENT. VACATION RENTALS 2019 Main Street www.julian-realestate.com 760-765-0111 pension and benefit increases bills for taxpayers. California politicians, from both sides of the upon government workers, taxpayers are now paying political aisle, are now calling Unfortunately, taxpayers are pensions that exceed $100,000 a for action on this tremendous $7]0,000 - Julian Estates now getting the bills for these year to over 12,000 former state handouts. Recent studies and local government workers, Pr e e'rs Thr:Y ic?:tntdrtirtdrryi 234b6 d o, ,r0 2tic/r2 b h, 2 oar, estimate California has $500 including more than 9,000 state being forced to pay ever-greater q, , y, .,.1Z acres, billion in unfunded pension and local employees covered by Large barn and corrals, amounts of their hard-earned liabilities, not to mention over $50 the California Public Employees' money towards increasingly billion in unfunded retiree health Retirement System (CalPERS) generousbenefitsforgovernment care liabilities. It's important for and over 3,000 former schoolemployees, all while their own .... the state to recognize how it got administrators or teachers retirement accounts shrink o/; - into this fiscal disaster--and how covered under the Californiaamidst the recession. To avoid to get out of it. State Teachers' Retirementbankruptcy, governments at all California's public pension and System (CalSTRS). levels are going to have to switch retiree health and dental care This pension crisis threatens to from defined-benefit pensions expenditures have quintupledbankrupt the state. To his credit, to more affordable 401(k)-style since fiscal year 1998-99, going Gay. Arnold Schwarzenegger defined-cntributinsystemSolicvAdamB. Summersisap i EW ifrom4.89abOUtacresinS1 Julianbillin to $5 has urged action on this issuellll -,on self: ..... steps ..... protect firms like EZShield.$259'000 Whispering Pines, 3 bedroom,*** _ ___lu.Weekly SUDOKUI I I I I I II [.__' billion this year. And retirement but current reform proposals analyst ai Reason Foundation 2 bath,, fenced ]/2 acre, wrap-around . 1.5,9.000 Kentwood II - 2 bedroom, ] deck with built in DaTn Z car ara e, fire lace, hardwood spending is expected to triple merely tinker around the edges and author of a new study on the ' -' play equipment, dual . , . g g P . , again--to $15 billion--within the of the current defined-benefit state's pension crisis. Jan Coupal pane windows, FA/AC anal-glazed windows, FA/AC, is president of the Howard Jarvis i next decade, system and do not go nearly Taxpayers Association- California's Part of the problem is thefar enough. There are several largest grass-roots taxpayer ii iiiiii i'! J 1 growth of state government, steps California must take to organization dedicated to the Since 1998, California's state permanently get pension costs advancement of taxpayers' rights, car garage, 2200sq ft, 4 47 protection of Proposition 13 and the ~~~ bedroom, den, 2 bath, 2 workforce has grown by 31 under control. percent and taxpayers now payThe private sector long ago ll[ i!l acres, Wood Interior, I'ocl'ge for more than 356,000 state abandoned defined-benefit Feeling, workers. Even during this terrible pensions due to their volatility Securing Your recession, instead of cutting and unsustainable costs. back, California has added over California is going to have to do Identity Isn't 13,000 workers to the state the same. Close the defined- Just For Tax payroll since 2008. benefit pension plans for state : .......................... Jl The .ene,,t =ease. do,e. e .,o ees an. enro,, a,, new TI nlJe out by Sacramento are also or future employees in 401(k)- crushing the state. Considerstyle defined-contribution plans su(N2;SAlrM;S cesfto%encha;h Whisperl that public pension benefit for pensions and other post- increases passed in 1999 via SB employment benefits, such as level only once a year. Tax time e upporrunily, Live in top unit 400, which offered retroactive retiree health care and dental forces people to think about how and help make your payments with ~ ~ benefit increases to government benefits. These 401(k) retirement to best organize their' financial' aownstalrs rented. ..... workers, were supposed to cost plans are good enough for the !ives. It should also remind you Upstairs: 2 bedroom, 1 bath, large $650 million in 2010. The actual restofthe population; they should [o take extra care in protecting open floor plan with loft, wa of windows i costs of SB 400 to taxpayers: be good enough for government yourselfagainstfraud and identity looking into the forest and large deck, -- .... $3.1 billion this fiscal year and workers, meTbsomemmg you should think Wood burning stove, all appliances : $3.5 billion next year. To prevent the handouts andaD_OUI year-round, including washer/dryer To make matters even worse, pension favors that politicians During and after tax time, even ..... i IU with n ..... I ..... f ,,,,..,, Downstairs: 1 bearoom, 1 Path, Full JJll California istheonlystateinthe have been giving to certain filing, 'reams"of';i't;l"n;ormatlon kitchen, large deck all appliances Ill nation that calculates pension groups, California should adopt are e sly ar ested from ' ' , ........... benefits based on an employee's an amendment to the state a t h v Inc ud ng washer/dryer highest salary in a single year. constitution requiring that all workplace desks and mailboxes. ' Most states use three- or five- future government employee The nonprofit Identity Theft year periods to determine benefit increases be approved R;ctOmU ends Critter ou(ITRCJ I ' pension benefits, making their by voters, wllo end up stucktherfllw'ng systems less susceptible towith the bills. It should also pass pension spiking. SB 2465, which another amendment prohibiting Y : You want to prevent detect and Don't throw way the aM b,cket Answer ...... Keep paperwork with restore when you have troubleuntilyou know whether the new one t I, ~ - i _ i _ i . i . i _ J _ ~ _ .............................................. personal mformabon m a safe u t; v ,' 9 s II ' ' ' with your identity, All three are holds water. I I I with views of Ocean. I IockedputlOcatiOn.papers you no Ion er important.Take appropriate ,--, Swedish, Proverb , 9 8 I L~,S I 6ft I l g measures Z 8 9 6 L IHastelephne'huse ! need through a crosscut ,, .I.l.].l..I.I I plans sold with lot i i shredder. I Stranao But Tr- - I I o I I I I " I I' I I I and corners marked. 1 I Make sure to have updated I by Samanma" 'vveaver .... i I L I 6 I O I/. I 9 I 'I l $ ! firewall' anti'virus and spywaresoftware to protect your i [ lgl,lzl,lclolel .... I - It was multi-talented Sir Francis Bacon -- he was a statesman, 91,1 1 1.1 1 1,1 cm;u'tru tm;entr?;;nourma,I I lawyer, scientist, philosopher and author -- who made the following l I I I 1 I I I I _ ......... ,I sage observation: If a man will begin with certainties, he shall end I 6 I L I I I S I g I g [/- I 9 [ ~wry any uon[ leave Tinancla. . . - ." . ..I,n doubts; but ,f he w,II be content to beg,n with doubts, he shall end I I = I Z I I 91 6 oocumems in an on,going ma,, ...... ,, , , , , , , , I I I i, ~~- ~ .i boxatwork I in cer[alngles. . . . . I one of the most highly praised actresses of our time, Meryl co%Vene heanmt[enfigaflZ;ma Streep, holds the record for Academy Award nominations; she's been ir/p ............. I awarded the Oscar tw ce, but has been nominated an impressive 16 II 1 iaemt y meT[ pro ecuon and / times I I, I restoration services provided by' The highest known life ,en "l insurance payout occurred in I by Linda Thistle I L rOSS O CL 1970, when the widow of a cattle "" rancher was awarded $18 million I W l#l l_ l"Y'lnlll l[ I ACROSS 2 3 4 in benefits. [ vo .= [ 1 Ocean Those who study such I lkle=,,aa I 5 7 4 I1=1 I i I I I i"l I I things say that Italians drink, I[ IIi llrll }I 4 Fpowe~ ~ ~ ~ on average. 26 gallons of wine I ]. B~,,= 6 5 3 source ~ ~ ~ every year ] 9 Rc.,,~-l'u~n ~-"~ 9 Winter Its just common sense that I ailment r' I" I I I 1 people tend to behave better I 3.uemm// 2 3 7 12Writer.. when they re being watched, but i 4.Leshiafi' ~uscaglla ~ ~ .L~ it may come as a surprise that it 13 Cognizant 33 , 8 2 5 14 Fleer de ~ ~ I,.,~.J__..~ doesn t seem to matter whether ~" ~]~!1'1~ r~/n./t // 15 Theyget- I I I I 137 I138 I 139 /4 I I I or not the watcher is real. 1 ...... ..... Ii I1= jacked up ~ ~ ~ Researchers made this discovery I 7. DO l~lTyb~ok ~ III 7 9 1 ,7 Exist in an experiment conducted at I 8. TeqUila i II III 18 umpire's call the University of Newcastle in I q_ II 19 Heart hnes? 49 A 5 2 4 9 ., I" I I ustralia. In a coffee lounge ] "=" II II 21 Vacationers ~__l___lr~l__ Jl~_i[~ where paying for the beverage ~.~l'l~urger ff /[ 24 ~-'~teof ~ ~ II~[-.~ was optional, a picture of a pair 1 8 4 peevishness I I I of eyes was placed next to the ] _ I/ I 25 Biblical. verb vian nation ...... bqueez=ng s gnt price list at some. times, and at I Source: I 4 5 6 3 end,ng 47 Gorilla o.ol.o .")7 T ..... other times a picture of flowers ] www.merdamwebster.om ~ [ 26 48 Myrna of 4 Ri"ng'e d 29 lownshend accompanied the list. On days ....... ~,"" "~'= movies planet of The Who when the eyes were posted, open nana ..... 8 4 1 31 Ella's 49 Mounta, n 5 Chirp 30 C,catnx more than three times as much --- ... road feature6 L stener 32 Pigeon-- money was donated than on "- I Place a number in the empty boxes in such a way / specialty54 R 7 Answers 33 Shad d. Geometry 34 Duel chal days when the flowers were in ......... I that each row across, each column down and / product". 55 Markn above answers lunge [ne'" same spot." 501Ul[lOn, ume: Zl mms. ...... a 6 8 Quarks + 37 Takes with . - .... J_ d 3, Eld I S IEl k I each small 9-box square contains all of the / ;~b MemDeroT 56 Doctor's antiquarks force People magazine reportea y ~] ~ a a I1 ^v numbers from one to nine.. / charge 9 Levies based 39 Drew from paid $6 million for photos of N :1 H IsI O] I ."46 Piftzh" 57 Certainly on asingle42 Square Jennifer Lopezs twin babies,mm i :: ~RTnl~i~,n 58 itched percentage 44Prepared Emme and Max. .=l am -I'I "" ~'~:'~."i'.. surrepti- 10 Old Italian 45 Dispatch Between 1960 and 2006 the 40 GruelS'vowel ... t,ously .. money .._ 46 Made on a average American's production ; 3 i ;i ; ; . , O~ -- Tar t/ WORKS wlm loom . . . , cobntry (choose) 16 Add,banally 50 Foreman foe ...... =.-. - =_ I * Moderate ** Challenging / 41 Dmas .. of solid waste -- includinga , El N J. :3 HOO BOY! 43 Very funny u . . . - ink~/.~l' DOWN 2t Taketen 52 Agent for to lawn chpplngs-- increased by mm , , ~OAnoer ~ ~T~c,.,, every,n,n,,romoaperpac,,a~.o,.. ,,~,.~ ~,, l, o 2010 King Features Synd., Inc. |I 45 Sc'ar na-1 Sprite 22 Engrave short 150 percent to 4.5 pounds every =ll u ;I 31I 1 2 -- canto 23 Having keen 53 Trawler gear day. Si, , I u I ~ vi El q 2010 King Features Synd., Inc. n I q 1 v I t a El i / / DIFFICULTY THIS WEEK: * * * (c) 2010 King Features Synd., Inc.