PresidentDon Wrote:
Aug 12, 2012 7:15 PM
Many Californians, covered by Public Employees Retirement System, PERS paid in 7% plus employers matched 7% while working. PERS was funded by investments in Commercial Real Estate. Along came Governor Wilson who analyzed no use all that money sitting in the bank, so he borrowed $3 Billion to cover expenses. The state did eventually repay the money, minus interest of course. The average payout from PERS is 18 checks per retiree. In other word, most retiree's are dead after 18 months. Many were dedicated teachers in the Colleges, who worked unitil they were in their 70's because they loved teaching. The average PERS retiree receives about $25000/yr, Many of them were not covered by Social Security, so ripping off the citizens? NO