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0 pointspjc509y ago0 comments

No, public employee pensions are supposed to be paid with today's dollars into a separate entity which manages the money in the same way private pensions do. This is why CalPERS has $300bn assets. Those are yesterday's dollars saved for today.

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caseysoftware9y ago

That's a great sentiment but that is not what happened. Or (at minimum), it was massively underfunded.

With regards to CalPERS specifically, it was covered here two weeks ago: https://news.ycombinator.com/item?id=13287078 and from that article:

"For every $100 the city paid a police officer in 2016, it had to pay an additional $71 to CalPERS to fund payments to current and future retirees."

j / k navigate · click thread line to collapse

0 pointspjc509y ago0 comments

0 comments

caseysoftware9y ago

That's a great sentiment but that is not what happened. Or (at minimum), it was massively underfunded.

With regards to CalPERS specifically, it was covered here two weeks ago: https://news.ycombinator.com/item?id=13287078 and from that article:

"For every $100 the city paid a police officer in 2016, it had to pay an additional $71 to CalPERS to fund payments to current and future retirees."

j / k navigate · click thread line to collapse