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-- -- -- -- do you live in California if so do you know that -- administrator at a cash strapped California county is going to be paid more than 400000.
Dollars a year.
For the rest of her life even when she retires and right now the county she is supposed to be managing is dealing with a multi million dollar deficit.
The LA times Evan helper joins us good evening Evan.
Well this said this pension plan certainly is caught everybody's attention no way the side of the United States now why -- this woman's pension so large.
So that's a really good question -- I would.
Think that -- seven tone deaf politicians who are managing her.
Dollars it is as what her pay is right now and when she retires that are potentially based on that pay.
Hadn't is what what basically happened here was they kept giving her raises.
It looks like gosh you got on the other offers possibly go work at the University of California system.
And they wanted to keep her and needs you know the city officials are the county officials say well you know she's doing the job of -- CEO and a CEO we get paid a lot more.
-- -- the CEO -- spur private company or public corporation doesn't work for government out.
In looking at and looking at the pension that she gets a one -- this I guess it's like you know you just can't give enough for me there's.
She even gets wolf get each year should get a car allowance of 8200 dollars on top -- pension and -- spectacular is that.
-- -- in the notion that idea how do you tell according to form that's.
So we can't afford -- the pension fund is.
Is actually not solvent right now.
You know it's not just because of -- pensions like this particular one but it's it's amazing how often.
These situations come up and in you know as you know this is this is not a typical case but it's also not unique.
Question -- I'm her side in her and her defense is that she's worked for the county for forty years this is a pension plan that was offered.
You know idea that's the -- she did her side of the DL it's really sort of you know whoever created these pension programs you know that that permitted just going to be who -- who cannot put -- Well the legislature.
Back in the late 1990s when the stock market was doing really well signed off on a planned -- to vastly expand pensions in California.
Based on some -- -- -- actuarial assumptions that really made no sense.
-- -- those are coming back really hard to state I mean we have billions of dollars of unfunded liabilities.
Now in this particular case which had with city officials signed off and giving her bigger and bigger and bigger salary -- It's not just -- on the legislature that's.
Has been allowing these -- -- that that the generous pension formulas but it's also in this case a salary that just got completely out of control.
Is this a free case or are there are others that are serve in the pipeline that -- in big trouble as these pensions come do.
I think some of the worst abuses.
Have been have been largely rooted out I mean there there has been some legislation passed that test gallop back but.
Most experts agree that the legislation that's been passed is not nearly enough to you.
To make the system solvent and and in the end.
Taxpayers are are going to pay for the system that's been just drastically underfunded and and workers have been over promised.
I don't want to say towns they made about not that's particularly fair community even under a deal's a deal to that -- thinking but.
Is any challenging challenge being done to try to minimizes 400000 plus pension a year.
In this case there's probably not much that can be done especially you know -- who's going to be paying there are probably the taxpayers of Alameda county and if you.
Look at the press coverage of this that -- -- and that's county.
Officials are saying well.
You know this is this is something we don't begrudge her of this they say she's worth every penny which.
They may change their tune after taxpayers start reading about -- -- there's not much you can do once once -- benefits have been promised.
But the numbers are and jaw dropping I think for most think it was good governor state government employees to this type of pension -- is so -- thank you.
Thank you --
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