The city clerk called me tonight to let me know that someone had come in to protest my sample ballot statement. She says this person took issue with the following claim:
Has Fullerton’s pension debt really risen to half a billion dollars?
Yes. According to the CalPERS pension system’s own analysis in this OCRegister article, the lump-sum payment to close out all of Fullerton’s pension liabilities (debt) right now is somewhere between $456,000,000 and $540,000,000.
It’s hard to blame anyone for doubting this figure, as the number is simply unbelievable. But it’s 100% true. That’s half a billion dollars which must somehow be paid off by my children and yours, all thanks to the unchecked generosity of union-backed councilmen like Don Bankhead and Dick Jones.