Two weeks ago, Joe Tarica picked up the chant of an Los Angeles Times story and bashed school employees, police and firefighters, claiming they got “bonuses” for doing what was part of their job description. As a result, he thought, the California Public Employees Retirement System was overburdened and running out of money. He left out the part about actual requirements of some of those jobs and the tremendous overtime of paperwork required to chronicle all events of the front-line occupations. He left out the part about the investments that took a dive creating the problem. He also omitted the fact that these public employees receive pensions through CalPERS and CalSTRS instead of Social Security.
On Friday, The Tribune ran a story about the impending crisis of CalPERS and CalSTRS.
In my morning email was a video from CalSTRS telling me that Gov. Jerry Brown signed into law AB 1469 on June 24 that, over the next 30 years, restores and keeps CalPERS and CalSTRS pension funds intact and financed.
I’m getting tired of misrepresentations in stories designed to create public hysteria.