BEGIN:VCALENDAR VERSION:2.0 PRODID:-//ChamberMaster//Event Calendar 2.0//EN METHOD:PUBLISH X-PUBLISHED-TTL:P3D REFRESH-INTERVAL:P3D CALSCALE:GREGORIAN BEGIN:VEVENT DTSTART:20261029T233000Z DTEND:20261030T010000Z X-MICROSOFT-CDO-ALLDAYEVENT:FALSE SUMMARY:California Government Pension Bomb DESCRIPTION:Take a deep dive into the risks for public workers\, citizens\, and taxpayers from California's generous pension promises. We will discuss hidden costs and long-run implications already crushing city budgets. You will be shocked by how much the average citizen owes\, and how California's infrastructure suffers. We will also discuss how the search for sustainable retirement systems forced the private sector and the federal government to transition from "defined benefit" to "defined contribution" (401K matching) type plans\, and how Social Security itself is at risk.\n\nMajor experts will provide key input to the CASI panel: Zachary Christensen\, who is an authority on California worker pensions\; David Quinnert\, who has compiled the most exhaustive database on underfunding of Central Coast local government pension plans\; Dale Byrne\, Mayor of Carmel\; Brad Imamura is experienced in management of government pension plans. Francois Melese\, who is a nationally recognized economist\, and expert in pension matters.\n \n\nSpecific facts we shall delve into:\n\n\n \n California governments are over $250 billion short on pension promises. That debt amounts to about $13\,000 per taxpayer household.\n \n \n The cost of providing government employee pensions has risen by 50% since 2014\, and taxpayers bear the bulk of that new cost (86%).\n \n \n The City of Monterey has to pay $14.7 million to CalPERS for its share of the system's unfunded liability this year. This makes up 12% of the city's budget.\n \n \n There us a grievous inequity between the generous California Government Pensions versus and Social Security Benefits\, which can lead to government pensions being five to twenty times higher than a similar skilled worker in the private versus California public sector.\n \n\n\nChallenge: Designing ways to recruit and retain highly competent and productive city and state workers to provide the best possible public services along with the lowest possible burden on taxpayer \n\nThe event will take place at 430 pm\, October 29 at the Community Shared Space at the Carmel Barnyard. Complimentary appetizers and non alcoholic beverages will be served. Register at California Pension Bomb California Arts & Sciences Institute X-ALT-DESC;FMTTYPE=text/html:

Take a deep dive into the risks for public workers\, citizens\, and taxpayers from California&rsquo\;s generous pension promises. We will discuss hidden costs and long-run implications already crushing city budgets. You will be shocked by how much the average citizen owes\, and how California&rsquo\;s infrastructure suffers. We will also discuss how the search for sustainable retirement systems forced the private sector and the federal government to transition from &ldquo\;defined benefit&rdquo\; to &ldquo\;defined contribution&rdquo\; (401K matching) type plans\, and how Social Security itself is at risk.

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Major experts will provide key input to the CASI panel: Zachary Christensen\, who is an authority on California worker pensions\; David Quinnert\, who has compiled the most exhaustive database on underfunding of Central Coast local government pension plans\; Dale Byrne\, Mayor of Carmel\; \; Brad Imamura is experienced in management of government pension plans. Francois Melese\, who is a nationally recognized economist\, and expert in pension matters.

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Specific facts we shall delve into:

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    \n
  1. \n

    California governments are over $250 billion short on pension promises. That debt amounts to about $13\,000 per taxpayer household.

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    2. \n
  2. \n

    The cost of providing government employee pensions has risen by 50% since 2014\, and taxpayers bear the bulk of that new cost (86%).

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    3. \n
  3. \n

    The City of Monterey has to pay $14.7 million to CalPERS for its share of the system'\;s unfunded liability this year. This makes up 12% of the city'\;s budget.

    \n
    4. \n
  4. \n

    There us a grievous inequity between the generous California Government Pensions versus and Social Security Benefits\, which can lead to government pensions being five to twenty times higher than a similar skilled worker in the private versus California public sector.

    \n
    5. \n
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Challenge: Designing ways to recruit and retain highly competent and productive city and state workers to provide the best possible public services along with the lowest possible burden on taxpayer \;

\n\n

The event will take place at 430 pm\, October 29 at the Community Shared Space at the Carmel Barnyard. Complimentary appetizers and non alcoholic beverages will be served. Register at California Pension Bomb &ndash\; California Arts &\; Sciences Institute \;

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\n LOCATION:The Community Shared Space in the Carmel Barnyard 3756 The Barnyard\, Ste H23 Carmel\, CA 93923 UID:e.2640.63991 SEQUENCE:3 DTSTAMP:20261013T164932Z URL:https://members.carmelchamber.org/events/details/california-government-pension-bomb-63991 END:VEVENT END:VCALENDAR