Zolna Report - California's Pension Bubble Will Burst, It's Just A Matter Of Time!

Almost 80,000 California Retirees Receive Over $100,000 In Pension Pay

That’s according to an analysis of 2018 pension payout data posted on Transparent California — the state’s largest public pay and pension database.

Those receiving pension payouts of at least $100,000 accounted for nearly 20 percent of the $51.7 billion total payments made last year, which is also an all-time high, according to the data.
“The only reason public pensions are an issue of public concern is because of the costs they impose on taxpayers,” explained Transparent California Executive Director Robert Fellner.
“The data show that one out of every five dollars paid out by California’s public pension funds last year went to someone who is drawing an annual pension of at least $100,000,” Fellner said.
Data from the US Census Bureau reveals a similar explosion in taxpayer costs, which hit an all-time high of $39.3 billion last year, more than double the amount spent in 2013.
“Guaranteed, lifetime annual pensions of over $100,000 are quite expensive, as the soaring cost to taxpayers in recent years makes quite clear,” Fellner concluded.
Nearly half of all California cities face a “high risk” of fiscal distress due to rising pension costs, according to a recent analysis from the California State Auditor.
“Rising pension costs will force working class Californians to pay higher taxes, while receiving fewer public services,” Fellner explained.

Click the link below for the full article from Zero Hedge.
https://www.zerohedge.com/personal-finance/almost-80000-california-retirees-receive-over-100000-pension-pay