Unions: ‘No Armageddon looming for our pension fund’

From the OC Register:

Gov. Jerry Brown‘s plan for reshaping California’s out-of-whack pension system would raise the retirement age from 55 to 67, require employees to kick in more of their own money,  add a hybrid, risk-sharing plan for new hires, and do more to revamp what many have concluded is an unsustainable system.

The plan is not being greeted warmly by workers, who don’t agree that the problem is as bad as the governor and others make it out to be.

“Let me be clear about one thing: There is no Armageddon looming for our pension fund and no reason to question the long-term sustainability of CalPERS,” said a written statement from Allan Clark, president of the California School Employees Association. ”Despite a ruthless campaign by out-of-state billionaires to generate sensational headlines based on faulty assumptions, CalPERS is not bankrupting the state.”

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Comments

  1. Jerry Brown has driven the California State Constitution into the ground,along with our Constitution. I signed a recall petition on this guy,his actions are telling,he is unfit for office of Governor. All of the corruption into taxpayers money,UN agenda 21 has to stop now. Election fraud in California is another huge issue. Brown is also in obama’s hind pocket,whom is ineligible under the “Constitution” to hold the office of President of the United States. Restoring,honor,respect,dignity,values,morals are all things California is in desperate need of. It will take a strong Conservative to clean this mess up. California has lived out of its means for years,and is very deserving of what kind of misery it is in now. I do not blame any other States for not wanting to bail the “Anemic” state out of trouble. All socialist,communists and New World order misfits need to be kicked clear out of local,state,and federal govt. America has no more tolerance for this.

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