by Bob Walsh
If you work for the Trinity County Waterworks District Number 1 near Redding and the Niland Sanitary District in Imperial County you are about to be fucked over for your pension.
These two public employers are in default in their payments to CalPERS and therefore CalPERS is about to pull the plug on thei happy asses. These two organizations are about to join the city of Loyalton in Trinity County and the East San Gabriel Valley health Consortium as public employers who are being dropped from CalPERS because they can't or won't pay.
Five current or former employees in Trinity County will see their pensions drop by 70%. Those in NIland will loose at least 92% of their pension and may loose it all. In order to fully fund their pensions both of these employers would have to cough up a huge chunk of change up front, which would move them to the Terminated Agency Pool. Niland currently owes about $200K and Trinity owes about $1.6 mil.
There are about 1,500 assorted public agencies in CalPERS and it has assets of about $333 billion. It is funded at about 68%. Each local agency is funded as a separate account, the whole pool of money does not support all of the agencies collectively.
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