A quarter of the city is living below the poverty line, but El Monte’s former city managers have more money than they know what to do with.
Fox Business Network recently took a trip to the small town of Loyalton, California where retirees are seeing their pensions cut for the first time in CalPERS’ history.
“With the money put into its pension funds over the last two years alone — nearly $2 billion — the city could have fixed every one of its broken sidewalks, built or leased housing for more than 25,000 homeless people or restored 11 miles of the concrete-clad Los Angeles River to a natural state."
Loyalton voted to exit the system in 2013. Now its retirees are going to lose the benefits they were promised.
The number of public retirees receiving more than $100,000 in pension checks from CalPERS each year has exploded from 1,841 in 2005 to 21,652 in 2015.
Are we fiddling while Rome burns?
CalPERS just had its worst showing since the height of the last financial crisis.
