Some of these pensions are unbelievable. One is higher than the salary of the US president! You know pension reform is sweeping california when the LA Times has a whole page of linked articles to the issue.
http://www.latimes.com/news/local/la-me-pensions-sg,0,1564931.storygallery
I know this doesn't represent the typical pension, but CALPERS is coming after some of the excessive pensions. Some might be getting a pretty good haircut!
So far, the state retirement board has reviewed 2,250 retirement payments and found that 329 needed to be reduced, mostly because employers incorrectly reported employees' pay. They include a former general manager at the Serrano Water District in Orange County whose pension was reduced because the salary it was based on -- $206,668 -- was too high. A retired Vallejo city manager's pension was reduced when his salary was adjusted from $305,842 to $216,000.
CalPERS has also dramatically cut the pensions of top officials in Bell after an audit determined that they were improperly inflated, according to records obtained by The Times under the California Public Records Act.
Former City Administrator Robert Rizzo is now set to receive $50,000 per year. Before, he had been poised to get $650,000 a year from CalPERS and more than $1 million annually overall when a second pension from the city was included. The pension of his assistant, Angela Spaccia, was slashed from a projected $250,000 to $43,000.
The aggressive review comes amid criticism of high pensions paid to some officials, even those accused of wrongdoing.
Vernon's former city administrator receives the highest pension of any public official in California, $500,000, even though he was convicted of public corruption.