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California Public Pension Crisis: The Ticking Time Bomb, a Full Disclosure Network Cable TV Series
Date:5/28/2009

tfolio and the county's subsequent bankruptcy.

Segment #2: Will Municipal bankruptcies spread across California? Minerd suggests that pension benefit debt is unanticipated by the public and bond rating companies. The $300-$400 billion debt is "present value" but Minerd adds "the actual sum is more likely a trillion dollars."

Segment #3: Assemblyman Keith Richman cites San Diego, Contra Costa and Orange Counties have billions in unfunded public employee pension benefits. Minerd's suggestions to head off crisis: (1) Attempt to fund now (2) Ignore and pay as you go (3) Break promises made to public employees by redefining benefits, employees work longer, caps on benefits.

Segment #4: Carl DeMaio CEO Performance Institute cites retroactive benefits approved by elected officials, and pension benefit debt is $130 billion before unfunded health care benefits that is three times all outstanding debt now in California. Keith Richman cites State Legislative Analyst reports that School Districts are likely to go bankrupt.

Segment #5: Only ten percent of Counties have funded or partially funded public employee benefit plans. Plans include coverage for spouses, survivors even after medicare age, according to Barbara Lloyd, Sr. VP Lehman Bros.

Segment #6: 2006 Infrastructure Bonds of $40 billion to cost $40 billion in interest. Minerd suggests that when voters approved the bonds "all it did was allow the state to spend more on other things and not to address the true fiscal issues."

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Read the full story at http://www.prweb.com/releases/PUBLIC_PENSION_CRISIS/TICKING_TIME_BOMB/prweb2464164.htm.


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