The mystery of Jerry Brown’s pension
As Jerry Brown grabbed the spotlight with his criticism of Bell city officials and their outrageous pensions, The Watchdog got to wondering: How much will the Democrat for Governor make in retirement?
That, as it turns out, is a very difficult question to answer. After more than a month of investigation, the Watchdog can only say for certain that Brown and a handful of other top officials are eligible for generous benefits under a special pension fund so obscure that few people in government know how it works and many thought it had been eliminated 20 years ago by outraged voters.
Under the law, Brown should have accrued, at most, 16 years of service credit in this special fund, known as the Legislators’ Retirement System, or LRS. Actuarial statements produced by LRS, however, indicate that an unnamed person of Brown’s age and earning Brown’s exact salary has been credited with 25 to 29 years of service. The difference would mean tens of thousands of dollars in additional pension payments for Brown each year.
Brown’s campaign staff acknowledge the unnamed person sure looks like the gubernatorial candidate but have been unable to explain the discrepancy over service.
Officials at the California Public Employees’ Retirement System, which manages LRS, have similarly refused to cooperate, saying the law forbids them from answering questions about specific individuals. Meanwhile, The Watchdog has sought help from the offices of seven state lawmakers, one constitutional officer and one state department as well three outside pension experts and not one has been able to explain the discrepancy.
It’s a mystery as persistent as LRS itself.
More at OC Register-
[UPDATE] Roger L Simon has more;
What’s troubling in all this is not that Brown makes a good pension — or even than there may be some discrepancy about how much he makes versus how much he deserves. It is that the whole thing is SECRET! (rare use of caps and exclam very deliberate).
Let’s think this through for half a second. At a time when pension funds are bankrupting or potentially bankrupting states all across the country, when aging populations are forcing the reconsideration of all sorts of social security programs on practically every country on Earth (countries that have them, anyway), and when the state of California — the sixth, or is it seventh, biggest economy in the word — is about to, once again, pay its employees with vouchers because it’s got zippity-do-dah in the bank, some officials of that state are receiving pensions whose size and identity we do not know and are not allowed to see.
The money quote in this election cycle;
If Jerry Brown were a public official worth re-electing, not only would he completely disclose everything about his pension at this point, he would also call for a new law that makes all — and I mean all — publicly-financed pensions totally transparent.
More at PJ Media-