{"id":3517,"date":"2012-04-06T16:31:03","date_gmt":"2012-04-06T23:31:03","guid":{"rendered":"http:\/\/daviddilworth.com\/pol\/?p=3517"},"modified":"2014-03-04T10:01:39","modified_gmt":"2014-03-04T18:01:39","slug":"pacific-grove-pension-debt-calpers-2007-2015","status":"publish","type":"post","link":"https:\/\/daviddilworth.com\/pol\/pacific-grove-pension-debt-calpers-2007-2015\/","title":{"rendered":"Pacific Grove Pension Debt (CalPERS) 2007-2015"},"content":{"rendered":"

\"Pacific<\/a>

Pacific Grove Resident's Debt from CalPERS 2007-2015<\/p><\/div>
\nHere is a graph of the debt Pacific Grove residents are accumulating as a result of staying in CalPERs – contrary to the will of the voters.<\/p>\n

The numbers from 2011 to 2015 are projections based on at least a 7.5 percent return on CalPERS investments.<\/p>\n

If CalPERS fails to achieve 7.5 percent return (breathtakingly high these days) the debt will get even larger.<\/p>\n

The data and notations are from Councilman Dan Davis who cites his references below (I just put it in a graph so you could see it easier.)<\/p>\n

————-<\/center><\/p>\n

Total Assets on hand as of June, 2009: 69,487,590.00<\/p>\n

Total Unfunded Liability for Pacific Grove Residents
\n2007 -$10.6 million
\n2008 – $2.6 million
\n2009 -$31 million
\n2010 -$35.6 million<\/p>\n

The following are Projections:<\/p>\n

2011 -$38.3 million
\n2012 -$41.2 million
\n2013 -$44.3 million
\n2014 -$47.6 million
\n2015 -$51.2 million<\/p>\n

For context – Pacific Grove’s Annual Budget is less than $20 million.<\/p>\n

Sources:<\/p>\n

For 2007, 2008, 2009, 2010, Annual and Termination Evaluations for City of Pacific Grove, Sept, 2008, and May 2010, prepared by Barbara Ware, Senior Pension Actuary, CalPERS<\/p>\n

For 2011, 2012, projections assuming a return and discount rate of 7.75%<\/p>\n

For 2013, 2014, 2015, projections assuming a return and discount rate of 7.50%<\/p>\n

<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Here is a graph of the debt Pacific Grove residents are accumulating as a result of staying in CalPERs – contrary to the will of the voters. The numbers from 2011 to 2015 are projections based on at least a … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":1,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[],"tags":[],"class_list":["post-3517","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/daviddilworth.com\/pol\/wp-json\/wp\/v2\/posts\/3517","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/daviddilworth.com\/pol\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/daviddilworth.com\/pol\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/daviddilworth.com\/pol\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/daviddilworth.com\/pol\/wp-json\/wp\/v2\/comments?post=3517"}],"version-history":[{"count":22,"href":"https:\/\/daviddilworth.com\/pol\/wp-json\/wp\/v2\/posts\/3517\/revisions"}],"predecessor-version":[{"id":6015,"href":"https:\/\/daviddilworth.com\/pol\/wp-json\/wp\/v2\/posts\/3517\/revisions\/6015"}],"wp:attachment":[{"href":"https:\/\/daviddilworth.com\/pol\/wp-json\/wp\/v2\/media?parent=3517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/daviddilworth.com\/pol\/wp-json\/wp\/v2\/categories?post=3517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/daviddilworth.com\/pol\/wp-json\/wp\/v2\/tags?post=3517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}