Median earnings for Inglewood residents was around $30,000 last year. Those same residents are required to pay for a police chief’s $524,000 pay package, which includes an ongoing, $61,000 annual bonus for […]
Why is the media treating CalPERS with kid gloves?
Yves Smith of the Naked Capitalism blog has presented irrefutable evidence that CalPERS CEO Marcie Frost submitted false information to the pension fund when applying for the job she now holds. For […]
Ignoring risk hides pension costs from policymakers
A new rule currently being considered by the Actuarial Standards Board would finally require public pensions to meaningfully account for risk. In a commentary for the Voice of San Diego, I explain how […]
CalPERS sued for withholding complete pension data
The California Public Employees’ Retirement System (CalPERS) is unlawfully withholding information necessary to help safeguard the system from waste, fraud and abuse, a just-filed lawsuit alleges. The problem of disability fraud has […]
DMV supervisor unaware that sleeping on the job for 4 years straight requires disciplinary action
The most robust study ever conducted on the topic found that the average California state government worker earned 23 percent more in total compensation than their similarly skilled and educated private-sector counterpart. […]
1,237% increase in promised pensions dwarfs San Diego’s economic growth, taxpayers’ ability to pay
The total pension benefits promised by the San Diego County Employees’ Retirement Association (SDCERA) increased 1,237 percent from 1986-2016 — an amount which is over 300 percentage points more than the increase […]
John and Ken Show 7/23/18
The good folks over at the John and Ken show had me on yesterday to discuss our latest report, in which we documented a nearly 900% increase in promised CalPERS pension benefits over […]
Transparent California helps uncover massive fraud in LA school district
On Monday, the Los Angeles County Office of Education and the Fiscal Crisis and Management Assistance Team (FCMAT) released their “Extraordinary Audit of Montebello Unified School District.” In the introduction, the audit cites […]
Marin County promised pension benefits up nearly 1000%, dwarfing rate of economic growth
The total pension benefits promised by Marin County increased 982 percent from 1986-2016 — a rate 58 times greater than the cumulative increase in the county’s population, according to a just-released analysis […]
Nearly 900% increase in CalPERS benefits dwarfs economic growth, taxpayers’ ability to pay
The total pension benefits promised by the California Public Employees’ Retirement System (CalPERS) increased 886 percent from 1987-2016 — a rate 21 times greater than the cumulative increase in the state’s population, […]