Friday, April 18, 2014
PLACERVILLE, CALIFORNIA
99 CENTS

CalPERS Long-Term Care bretrayal

By
From page A5 | February 25, 2013 | 5 Comments

EDITOR: Recently, participants in the Long-Term Care Program previously offered through CalPERS started receiving their notices of an imminent 85 percent increase in premiums. The official reason for the outrageous increase was that investments supporting the Long-Term Care Program fund did not do as well as expected and there was a shortfall to be made up by premium increases.

At the very same time as this announcement was being made, the CalPERS board of directors agreed to acquiesce to state Treasurer Lockyer’s request to have the board divest itself of $5 million of investments in gun manufacturers Smith & Wesson and Sturm Ruger. By his own admission, Lockyer’s request was made solely in response to the shootings at Sandy Hook and based on political correctness. In fact, immediately following the board vote, Lockyer is quoted as saying, “Given the portfolio dollar amounts involved, the divestment may be largely symbolic, but it is still important.”

Important to whom, Mr. Lockyer? Certainly not to those of us facing a gigantic increase in our long-term care premiums. I believe that the divestiture of profitable investments based on political correctness and not on any investment principle, is a betrayal of CalPERS to its members.

If you believe as I do, please contact CalPERS and let them know how you feel about this seeming betrayal.

ANTHONY J. ARJIL

Placerville

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Discussion | 5 comments

  • Phil VeerkampFebruary 23, 2013 - 8:41 am

    Anthony, this does not directly address the issues you write about but, there was a very informative podcast last night on CalPERS history and the evolution of its crushing California debt obligations. At the bottom of the page on the left is an audio link. The relevant audio begins ~19 minutes in. Allow the clip to load and move slider to ~19.LINK - CalPERS history - DISCLOSURE – I am a retired CalPERS benefit recipient. I WILL NOT VOLUNTAIRILY REBATE MY LOOT. But I will peacefully yield to realistic reform.

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  • cookie65February 25, 2013 - 10:53 am

    Dr. Ben Carson called political correctness "a horrible thing". As far as the promises made by CalPERS/CalSTRS and other such entities, there are going to be a lot of promises broken. They already bought the votes, political contributions and union loyalty. The fiscal reality is the money is not there. We are heading for a standoff between taxpayer and public sector beneficiary. I sympathize with your situation but the reality is too many promises have been made to possibly make good on.

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  • Phil VeerkampFebruary 25, 2013 - 3:40 pm

    $HIT!!!

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  • EvelynApril 01, 2013 - 4:28 pm

    "Judge rules Stockton, Calif., to enter bankruptcy" HERE - Stockton now owes CalPERS about $900 million to cover pension promises, far the city's largest financial obligation. Many struggling cities across California are in the same situation.

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  • EvelynApril 01, 2013 - 4:30 pm

    Above, bad link. Try: HERE

    Reply | Report abusive comment
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