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A comment on Healthy California Act: proposal to make findings about single-payer healthcare. Parent comment

Re:Healthy California Act: proposal to make findings about s... by chaostheory on Wednesday March 08, 2017 @07:52PM (#13825669)
> is about CalPERS, which is separate from the budget of the State. There may be a current budget shortfall, but CalPERS is fine

It's 'separate' from the state budget, but doesn't California still ultimately pay for pensions? How is this fine when there's a huge difference between the projected costs and the actual costs? Doesn't 70% of CA tax revenue go towards paying pension obligations?

Current CA pension debt is $965 Billion.

http://news.stanford.edu/2015/10/15/cali-pension-tracker-101...

http://www.pensiontracker.org/index.php

[ Parent | on HN ]
Re:Healthy California Act: proposal to make findings about s... by mmanfrin on Wednesday March 08, 2017 @08:00PM (#13825739) 

  Doesn't 70% of CA tax revenue go towards paying pension obligations
Not even close. The article linked by the comment I replied to states that CA will chip in $5.4bil -- last years budget was $122bil.

Maybe you got the 70% figure from where CalPERS gets its funding? Currently yearly contribution is ~70% from the state, but there was a bill passed that is shifting some of the requirement on to those who will benefit from it.

[ Parent | on HN ]
Re:Healthy California Act: proposal to make findings about s... by chaostheory on Wednesday March 08, 2017 @08:20PM (#13825877)
I'm not sure why both of our comments got downvoted, but thanks for the clarification.

Yes there was a new bill and there was a shift, but most of the burden is still on the state of California which makes sense since CALPERS is an agency of the state of California. Isn't CA still ultimately responsible for CA pensions?

I just felt that CALPERS was in trouble years ago when they were selling their members an advancement in years for the pension if they paid a fee upfront (which could be deducted from their paychecks) in order to meet current pension obligations.

Current CA pension debt is $965 Billion. It'll become $1 Trillion soon.

http://www.pensiontracker.org/index.php

[ Parent | on HN ]