No one answered my question, how much of the total California budget are we talking about?
$3.3 billion of the $95 billion budget, of which there is a $25-26 billion deficit. That only includes the payment due CalPers, and does not include matching funds for for 401(k)-style retirement plans already in place for public employees.
It also does not include CalSTRS...the teachers pension, which is an additional $1.3 billion.
There are over 5,000 retired public employees receiving over $100,000 a year in retirement benefits, including a former city official of the City of Vernon (ever been to Vernon, cobra[space]bill?) who is under indictment for embezzling that city. His name is Bill Malkenhorst.
He gets $499,000 a year from us.
Now folks under CalPERS made a sh!tload of money over the past couple of decades due to the stock market going up and up, and yet contribution amounts kept getting increased (per employee) in bills pushed by the Democrats for their union buddies. The damn thing ended up overfunded...you know what overfunded is, don't you cobra[space]bill?
And yet, with the income for California dropping...the Democrats want to increase the contribution to CalPERS by $300 million this year. Even with market downturns, etc., CalPERS is maintaining benefit levels mucho fino...cuz...oh yeah...it's overfunded!
Really...be quiet.
No...really.