Questions are being raised about the finances of the multibillion-dollar pension systems relied upon by more than 4 million California public workers to carry them through their retirement. ldarmiento reports:
More than 7 million Californians have had no access to a workplace retirement program. Can the CalSavers program help?
By the time the city filed for bankruptcy, it had slashed its police force by a quarter, cut nearly a third of its Fire Department and reduced pay and benefits to all employees. The law targeting new employees did away with acknowledged abuses such as “pension spiking,” a practice by which an employee’s final salary — a key part of the formula for determining retirement benefits — is artificially hiked by last-minute bonuses, raises or other dubious compensation.for non-safety employees, made the formula for calculating benefits less generous and placed caps on the final compensation figure that could be used to make that calculation.
In announcing its poor returns for this past fiscal year, CalPERS highlighted the volatile global financial markets, geopolitical instability, interest rate hikes and inflation. It noted its investments in global stocks were down 13.1% and even bonds and other fixed income securities — traditionally safe havens in tough times — were off 14.5%.
Inflation too is a scourge and historically has been Enemy No. 1 of retirees, though cost-of-living adjustments can make up for some or all of the lost purchasing power, depending on the plan and rate of inflation. But that too means higher costs for public employers.Whether it’s going back to work part time, moving in with roommates or making do with less, older Americans are getting creative about retirement.
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