Post Profile






Pension Benefits In Tiny California Town To Be Slashed As "Ponzi Scheme" Is Exposed

For the tiny little town of Loyalton, California, with a population of only 700, a failure of city council members to understand the difference between the calculation a regular everyday pension liability and a "termination liability" has left 4 residents at risk of losing their pensions from Calpers. According to the New York Times, the town of Loyalton decided to drop out of Calpers back in 2012 in order to save some money but what they got instead was a $1.
read more

share

Related Posts


Understanding California's public pension debt

United States / Los Angeles : LA Times: Local

What is the unfunded liability of California state and local governments? Put simply, the unfunded liability is the shortfall between retirement benefits that governments have promised their workers and the current funding available...

State pension Ponzi scheme unravels with retirement at 70

Business & Finance : Telegraph.co.uk Money

The great Ponzi scheme that lies behind our State pension is unravelling – as they all do eventually – because money being taken from new investors is insufficient to honour promises issued to earlier generations. Now the new Coalit...

CalPERS poised to start cuting retiree pensions in tiny Sierra town

Business & Finance / Mortgage & Banking : Mortgage Lender Implode-O-Meter

Loyalton's tiny city government is one of three agencies that are so far behind in payments to CalPERS that the fund is taking steps to reduce pensions for former workers. Of the three, Loyalton faces the biggest bill if it wants to...

Illinois Warns Of "Crippling Tax Hikes", "Devastating Impact" If Largest Pension Fund Admits Reality

Business & Finance : Zero Hedge

Defined Benefit Pension Plans are, almost by definition, a ponzi scheme. Current assets are used to pay current claims in full in spite of insufficient funding to pay future liabilities: classic Ponzi. But unlike wall street and cor...

$1.6 Million Bill Tests Tiny Town and ‘Bulletproof’ Public Pensions

Business & Finance : DealBook

When the hamlet of Loyalton, Calif., withdrew from the state’s pension system, it was told to pay up or its four retirees’ pensions would be slashed.

Comments


Copyright © 2016 Regator, LLC