Saturday, January 8, 2011 – 09:55 a.m.
San Bernardino County has finally received the expected bad news on the pension front this week.
County Supervisors are scheduled to approve new contribution rates to the county pension system at their meeting this Tuesday.
The employer contribution rate for general employees will increase by 19.48%.
The employer contribution rate for safety employees will increase by 16.44%.
The increase in rates is expected to add pressure to the county’s next fiscal year, which commences on July 1.
That is a significant increase when you consider the total number of county employees. At some point, those working today will realize that all they are doing is facilitating those ahead of them who have already retired. The State of California is going broke now, where does the $500 billion in unfunded CalPERS come from in the future?
Future of Your 401(k) Jan 4, 2011
FBN’s Freedom Fighters debate whether governments should be allowed to seize private pensions.
I know this sounds looney but there are actually Democrats that have raised the idea of changing the tax differed benefits of government sponsored retirement plans.
We aren’t in Kansas anymore!