Californias richest pensioners revealed as fat cats raking in $400K for doing nothing

Retired fat cat California bureaucrats are pocketing a staggering $6.3 billion a year in pensions — with some being paid up to $462,000 a year for doing nothing.As the state’s public servant pension shortfall soars to at least $153 billion, the California Post can reveal that more than 63,000 retired public servants are being paid at least $100,000 a year from the California Public Employees’ Retirement System (CalPERS), the largest public pension fund in the US.The massive gravy train — and recent efforts to further increase pension payouts — has been slammed by local elected officials who also benefit from CalPERS for straining local government budgets when they’re forced to pick up the tab for rising pensions.The biggest news, opinion and culture shaping California right now.

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Never miss a story “In the 1990s and the early 2000s, similar pension packages nearly bankrupted this state and many of our local municipalities,” Santa Barbara County Supervisor Bob Nelson told lawmakers last year, noting his county has had to pay out an extra $100 million annually to keep up with rising pensions.“Those payments came at real costs: Reductions to pay public safety staffing and fewer resources to address mental health, homelessness and criminal justice reform,” he added.The 63,107 pensioners earning six figures are more than double the amount from 2018, when more than 26,000 were in the $100K-plus club.Two decades ago, in 2005, just 1,841 retirees were pocketing six-figure pensions, the Orange County Register reported.The pension bonanza has been labeled a financial ticking time bomb by experts who spoke with the California Post, after to a decision by former Democrat Gov.

Gray Davis in 1999 to sign a law significantly increasing public pension benefits for state employees.California Post News: Facebo...