public pensions

WILL YOUR PENSION FUND HAVE ENOUGH MONEY WHEN YOU RETIRE? PENSION UNDER-FUNDING IS A “TICKING TIME BOMB” EXPERT WARNS

 

Calls for end to Wall Street fund managers speculating with retirees' money

 

"Don't let anyone tell you that the problems with public pensions are the results of groups of avaricious kindergarten teachers and DMV workers...The fault lies with Wall Street. They abused these funds--while pocketing billions to run them into the ditch." -- William Lerach

By Miriam Raftery
 

May 10, 2011 (La Mesa) – “What might we be able to do to avoid financial Armageddon?” asked William Lerach, who led prosecutions against some of America’s most powerful corporations including ENRON, recovering billions for defrauded shareholders. “Next year, 77 million baby boomers will hobble into retirement.”  He warned that corruption and mismanagement by Wall Street managers has led to public and private pension funds that are severely underfunded. He calls the situation a “ticking time bomb” -- and proposes a solution.

READER’Ss EDITORIAL: WHAT WILL IT TAKE FOR US TO GET SERIOUS ABOUT PENSION REFORM?

 

By Russell Buckley

 

March 16, 2011 (San Diego’s East County) -- Last month, the Little Hoover Commission issued a report about California's pension system: Public Pensions for Retirement Security. The Report is filled with information about where our pension finances stand, explanations about how we got here, and dire warnings about where we will be without an immediate change of course.

 

The Little Hoover Commission is an independent government oversight commission created in 1962. By statute, it is a bipartisan board consisting of five members appointed by the Governor and four named by the Legislature, as well four legislators. Here are a couple of examples of the Little Hoover Commission findings:

100,000 RALLY IN WISCONSIN TO SUPPORT PUBLIC WORKERS, PROMPTING RALLIES AND DEBATES IN 50 STATES -- & IN SAN DIEGO

 

Conservatives say eliminating most collective bargaining rights needed to contain costs; opponents accuse Governor of union-busting motives

 

By Miriam Raftery
March 3, 2011 (San Diego) – A crowd of 1,000 demonstrators turned out in downtown San Diego Saturday as part of a nationwide movement in support of Wisconsin public workers.  Wisconsin’s Governor Scott Walker seeks to eliminate nearly all collective bargaining rights for state workers including teachers, police, firefighters, janitors, highway workers and others. The state’s Republican-controlled House passed the proposal--and Senate Democrats promptly fled the state to prevent passage.  Today, the Governor ordered their arrest.

 

A crowd of over 100,000 braved a snowstorm in Madison, Wisconsin following the house vote, occupying the capitol building overnight. Now recall campaigns have been announced against eight GOP Senators in Wisconsin who back the bill.
 

Much misinformation has been spread in the media and on Internet blogs. What would the Governor’s proposal do—and is it necessary? Could California be next to face a similar proposal? ECM has researched the issues and obtained views from all sides of the aisle.