CalPers Retirement System

[classof70]

With all of the noise in the news about the desperate straights the California government is is financially, I wonder if anyone knows anything about the state of CalPERS. This huge system administers pensions for 1.6 state employees. I am wondering if I should start looking for a paper route?

[mrpd114]

Hi classof70,
I don't know if you are retired or still working within the system. I am retired from Calpers as of 2004. Calpers' website has some good information about the economic side of their system. Under state law the citizens would have to pony up more tax money to keep Calpers afloat, but that is highly unlikely at this point. They currently have 160 Billion in assets, down from approximately 230 Bil in 2007, and are well diversified. Your pension is guaranteed no matter what happens, and a lot of non-Calpers folks are upset about that and are demanding reform. My pension, through public safety, is great, but I knew that going into it 30 years ago and chose that route. I do agree some changes need to be made, but not to the degree reformists want.

By the way classof70, I am the class of 71, if your referring to high school!!

[ke6sun]

Calpers pension is a contract that the retiree gave service and Calpers isbound legally, fed and state, to pay lifelong pension whether calif is broke or not.The COLA may not go up but the pension is there.