The attacks on CalPERS

[SHRED]

Below is an email text I sent to my coworkers and friends.
Please pass it on if you feel so inclined.

Thanks

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You may have read recently, or heard on the airwaves, how "gravy" we have it in CalPERS.
That we are"spoiled" public employees and need to be cut.
That we are somehow all getting $100K per year, or close to that, in retirement benefits.

For instance, see this article and the "comments" section.

Here are some facts to hopefully help balance out the attacks on our retirement system.

Please pass this along.



Myths vs. Facts
September 23, 2009


Myth: Public pension benefits are excessive and a drain on the public.

Fact:
The average CalPERS pension is about $25,000 per year. Half of CalPERS retirees receive $16,000 per year or less in benefits. Unlike the private sector, many CalPERS members do not receive Social Security, making their CalPERS pension their sole source of pension income, other than savings.

Fact:
Seventy-eight percent of CalPERS retirees receive $36,000 per year or less. School pensioners in the CalPERS program receive on average $1,079.00 a month.

Fact:
Only 1 percent of the nearly half million CalPERS retirees receive annual pensions of $100,000 or more. Many are retired non-unionized or specialized skilled employees or other high wage earners who worked 30 years or more. Many served in high-level management positions. View information about the Monthly Benefit Amount by number for all service retirees (FY 2008-2009).

Fact:
CalPERS pensioners help stimulate the economy. A study found that pension income to 674,000 CalPERS and CalSTRS retirees generated an economic impact of $21.1 billion to the State’s cities and counties. The economic footprint of retiree spending rivaled that of the hotel and accommodations industry of the State in 2006. In all, California public retirees put back $2 into the economy for every $1 they receive in pensions.

http://www.calpersresponds.com/myth-public-pension-benefits-are-excessive.php


Myth: The average CalPERS pensioner gets 80 percent of their pay.

Fact:
The average CalPERS member receives 50 percent or less of their pay in retirement.

http://www.calpersresponds.com/all-myths-vs-facts.php

[litlady]

1. I do hear uninformed people complain about this.

I wonder if they get just how much money big business execs get!

Wonder if people believe the same about CalSTRS?