California Pension Nightmare Worsens

What is the best part of a nightmare?

When you wake up and it is over.

The folks in California do not have that luxury as they get to live the nightmare that defines their public pension system everyday. In fact, the nightmare is getting scarier. How so?

The “not so exclusive” California $100,000 Club continues to experience explosive growth. Let’s check in on this club which since last we checked a year ago has seen close to a 25% increase in size.

Thanks to the folks at Fix Pensions First for this fabulous expose,

12,199 retired California government workers receive pensions in excess of $100,000

They’re all listed here.

The information below was obtained under the Freedom of Information Act from the California Public Employees Retirement System (CalPERS). This list may be be updated periodically with more pensioners as more data is obtained.

THE TOP 10 LIST

Name Monthly Annual Employer
Malkenhorst, Bruce V $44,189.02 $530,268.24 Vernon
Fuster, Joaquin M $26,226.08 $314,712.96 UC Los Angeles
Gerth, Donald R $24,590.52 $295,086.24 CSU Sacramento
Garret, William $24,129.46 $289,553.52 El Cajon
Stahl, James F $23,289.98 $279,479.76 LA Co Sanit #2
Schlag, John D $22,604.16 $271,249.92 UC Los Angeles
Southard, Glenn D $22,596.42 $271,157.04 Indio
Adams, Randy G $22,119.79 $265,437.48 Bell
Newell, George T $21,708.82 $260,505.84 Santa Clara County
Schachter, Julius $21,470.66 $257,647.92 UC San Francisco

When we checked in on this club a year ago, it had 9,812 members. The club is going to need a bigger tree house as the last report just recently released counts the membership at a staggering 12,199 individuals. How does a club like this grow so large so fast? I maintained a year ago and repeat today,

What makes the entrance into this club so special is the ability of the members to curry favor with those controlling the purse strings. Smell a little funny? Just a little? See the real entrance into this club is effectively a circuitous system of ‘payoffs’ and ‘kickbacks’ with the ultimate costs borne by average American citizens.

Juxtapose the recent headcount of 12,119 next to the at 9,812 released in June 2011. That mental image of California sliding into the Pacific Ocean under the weight of these pension obligations is becoming ever more real. Look at thes trend lines.

No way to run a state . . . let alone a country!!

About Larry Doyle 522 Articles

Larry Doyle embarked on his Wall Street career in 1983 as a mortgage-backed securities trader for The First Boston Corporation. He was involved in the growth and development of the secondary mortgage market from its near infancy.

After close to 7 years at First Boston, Larry joined Bear Stearns in early 1990 as a mortgage trader. In 1993, Larry was named a Senior Managing Director at the firm. He left Bear to join Union Bank of Switzerland in late 1996 as Head of Mortgage Trading.

In 1998, after 15 years of trading and precipitated by Swiss Bank’s takeover of UBS, Larry moved from trading to sales as a senior salesperson at Bank of America. His move into sales led him to the role as National Sales Manager for Securitized Products at JP Morgan Chase in 2000. He was integrally involved in developing the department, hiring 40 salespeople, and generating $300 million in sales revenue. He left JP Morgan in 2006.

Throughout his career, Larry eagerly engaged clients and colleagues. He has mentored dozens of junior colleagues, recruited at a number of colleges and universities, and interviewed hundreds. He has also had extensive public speaking experience. Additionally, Larry served as Chair of the Mortgage Trading Committee for the Public Securities Association (PSA) in the mid-90s.

Larry graduated Cum Laude, Phi Beta Kappa in 1983 from the College of the Holy Cross.

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