Will CA Get To Vote On Funding CALPERS?

Discussion in 'Politics' started by boedicca, May 14, 2010.

  1. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    I so hope this happens.

    Poizner has a theory that the unfunded liabilities for CALPERS need to be put before voters. I'd love to see an initiative to approve this mess go down in flames:

    CalPERS, the huge public employee pension fund, is set to consider a $600 million hike in what California pays next year to cover state worker pensions.

    The fund's actuaries are recommending that its board tell the state to kick in $3.9 billion for the fiscal year that starts July 1. That would be a $600 million increase over this year and $400 million more than Gov. Arnold Schwarzenegger planned in the first draft of his 2010-11 budget proposal.

    (snip)

    Poizner told about 400 tea partiers at a rally in Shingle Springs on Tuesday that he'd put pension deals to a public vote.

    "(A)ny liability greater than … $300,000 has to be approved by taxpayers. That's in our constitution. It says that," Poizner said. "As governor, I'm going to put all these pension deals on the table. Voters are going to have to approve them before any of these pension deals get passed. That kind of transparency will go a long way to solving the problem."

    Cue the raucous applause.

    Article 16 generally prohibits lawmakers from obligating the state to a liability, such as a bond, that exceeds $300,000 unless the public votes for it.


    The State Worker: CalPERS may present higher bill to state - Sacramento Politics - California Politics | Sacramento Bee
     

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