Little Hoover Sucks Up County Pension Reform BS
California’s “Little Hoover Commission,” a sort of State-wide Grand Jury, showed up at the County HQ on Friday to learn all about the wonderful work the County has done creating its scintillating 1.62 @ 65 pension option. Naturally, all the OCEA spokeholes started to sing out hosannas to the hard work of the union in developing this alternative – an option that promises to reward aging executives, and that so far very few people have signed up for. Wonder why not.
Supervisors Bill Campbell and Janet Nguyen actually had someone write an editorial rebuttal for them that appeared in the Register on Sunday and that discounted the idea of a mandatory defined contribution plan that would include everybody – even Supervisors like themselves.
Here is our old friend Norberto Santana of the Voice of OC(EA) in a typical report. Notice the snotty observation that Supervisor Shawn Nelson wasn’t in attendance at the commission meeting. Following Santana’s predictable lead, Kimberly Edds, a new writer with the equally worthless “Total Buzz” perpetrated by the OC Register, also notes Nelson’s “conspicuous absence,” here.
Hey geniuses: the meeting was attended by Supervisors Bill Campbell and John Moorlach. Nelson’s attendance would have constituted a violation of the Brown Act. But of course what’s the point of attending a dog and pony show that touts an option that’s really hardly more than feel-good window dressing?
And speaking of brown acts, the jerkoffs at the Liberal OC naturally followed along in praise of supposed innovation, and even included this image of Janet Nguyen pulling the wings off insects.
Well, let’s hope that real pension reform is on the way before the State of California breaks off and falls into a sea of red ink.
I can almost hear the actuarials laughing uncontrollably at this plan.
Real pension reform will be imposed on the unions. It will not written by them and it will not receive their stamp of approval.
It will be imposed by economic reality.
Again the 4F blog relays the truth into the blogosphere supported by facts while the others continue to mislead.
Let’s see – the array of labels in this trash post includes: spokesholes; hosanas; scintilating; aging executives; snotty; worthless; dog and pony show; feel good window dressing; jerkoffs; and I may have missed a few other gems. Tell us how you really feel! And, oh yes, what was this post about other then perpetuating the blog wars?
And we’re tired of a two tier system in which some of us work to support the government employees and their retire @ 50/55 system that they got by leveraging political power to get former public employees elected to office.
Hey, numbnuts: that’s called good writing!
Here in Pacific Grove,the City Council enacted a citizens’ Initiative into law. It limits the Citys’ pension contribution AND liability to 10% of city employees’ salary. If the employees want 3@50,e.g.,they must pay all costs exceeding 10%. And if the plan administrator loses the contributions, benefits will be reduced pro rata. The reform applies to all city employees as soon as any outstanding MOUs’ expire.Numerous Attys’ have verified that the reform is legally unassailable.
Shawn Nelson didn’t show up because that would be akin to returning to the scene of the crime. For all his chest thumping on pensions he goes and takes the enhanced benefit for himself. That makes him a hypocrite and a liar and he can’t be trusted.
Please enough of the pension reform. What you should be asking yourself why you have a crummy 401k that will never pay enough for you to live on. Most industrialized counties workers retire at 50 or 55, it is very common. These systems are just annuities, if you are willing to pay the percentage, why not. OCERS is one of the top retirement systems in the U.S. and just won an award for its approach to investing. OCERS one year return for 2010 is 9.45 and stocks really have completely rebounded yet. OCERS is so well funded that if zero County employees made no contribution and the County made zero contributions it could still pay full payouts with COLA’S for the next 20 years for current retirees and future retirees. Again the pension are not the problem the working middle class is getting attacked by the rich whether you work in government or private industry! Wake up People you are being fooled by multinational corporations that pay for high priced PR firms. They want you to work for free and you agree with it-idiots!!!
Well funded? That’s a joke right? Compared to Vallejo?