Forbes Exposes Public Employee Abuse of CalPERS

The California Public Employee Retirement System (CalPERS) is the USA’s largest pension fund with $301 billion in assets. It’s also a lucrative transfer mechanism helping 1,251 local governments confer ‘highly compensated’ pensions to tens of thousands of public employees. Updated numbers displayed at OpenTheBooks.com show there is a $2.8 billion annual cost to payout 21,862 six-figure public-sector retirees via CalPERS.

Pension envy in California is real. The hard working private sector doesn’t have benefits even remotely close to government workers.

The golden state of government pension largess just might collapse under its own weight. Recently, CalPERS projected that there’s up to a one in three chance of entering a ‘crisis point’ of doomsday underfunding sometime in the next 30 years. Learn more at Forbes.com