Thursday, August 20, 2015

San Jose Dumps Pension Reform Plan

A VERY INTERESTING TURN OF EVENTS!
James Poulos in Cal Watchdog.com, HERE, reports today that the City of San Jose has decided to dump its pension reform scheme by successfully petitioning the courts to invalidate it's own ballot measure!

COPS LEAVING IN DROVES...
According to Poulos, who quotes Scott Herald of the San Jose Mercury News, San Jose was embroiled in rancorous negotiations with their police organization and officers were leaving in droves - sound familiar?  According to the article, the loss of officers to resignation and retirement had reached crisis proportions.

HOW DOES THIS RELATE TO COSTA MESA?
Take a couple moments to read the linked piece, then pause to think about how this relates to our current situation in Costa Mesa, where negotiations with the Costa Mesa Police Association has dragged on for a couple years and the Mayor and Mayor Pro Tem have sued the men and women of the CMPD.

CALPERS NUMBERS WAY DOWN
This is fascinating news, particularly when you consider that CalPers recently announced that its returns for the fiscal year ending in June would be a dismal 2.5%, well short of the 7.5% on which their projections are based.

GET READY FOR RHETORIC...
How all of this news will impact Costa Mesa is unclear.  One thing is guaranteed, though - at least a couple local elected officials will, once again, sit on the dais, thump their chests and demand change - while doing NOTHING about it themselves.

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2 Comments:

Anonymous Where's My Coffee? said...

Boy, you hit the nail on the head with that one, Geoff.

8/20/2015 09:47:00 AM  
Blogger Mike Fountain said...

I think it is important to note that the three and five year CalPERS return of 10.6 and 10.7 percent with a twenty year return average of 7.76 percent. Taking into consideration the real estate bubble, collapse of the market in 2008, it seems that the folks at PERS are forecasting pretty accurately, certainly better than Lehman. However, these numbers are seldom used and the battle cry for pension reform will certainly only point to whatever numbers support the argument.

8/20/2015 11:24:00 AM  

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