California workers, Dems want to give you a 3% pay cut
Original post made by jimf01 on Feb 24, 2012
They have a new angle. The public has now become sensitized to the fact that unionized state employees have lucrative benefit and pension plans that suck a lot of taxpayer money out of the budget every year, (you do know you, the CA taxpayer, pays about 80% of the money that goes to fund CalPERs, and the state employees pay less than 20%, don't you?) and they need to prop up the funding. The new proposal is supported by "Senate President Pro Tem Darrell Steinberg and other political and labor leaders" who came together to tout its glories. Even Gov. Jerry Brown has indicated he was intrigued by the proposal.
The idea is to require every business with five or more employees to enroll employees in a new "Personal Pension" defined benefit program or to offer an alternative employer-sponsored plan. Not a tax, so they do not have to get approval of the Republicans or the voters, apparently.
The kicker is, the legislation say that CalPERS, the California Public Employees' Retirement System would manage the funds. Yes, the same CalPERS that has lost millions in recent years with real estate investments in places like the Mountain House, CA development will get money funneled directly to them from your paycheck.
Of course, this is a win-win for the Democrats in Sacramento, they have figured out how to make you more dependent on government and backstop the unions faltering public pension system in one easy move.
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