DELAY ON PENSION TRANSPARENCY: 15 DAYS AND COUNTING
The number of California Public Employees’ Retirement System pensioners drawing pensions worth $100,000 a year and more is soaring.
As The Bee’s Phillip Reese reported Wednesday, the $100,000 pension club has nearly 9,000 members today, more than quadruple what it was in 2005.
That 9,000 is a small share, 2 percent, of the overall number of CalPERS beneficiaries. But the $100,000 pensioners draw 8 percent of the annual payout, and the cost is rising.
None of this is surprising. Baby boomers who benefited from the 1999 state law that substantially enhanced pension formulas are beginning to reach retirement age. This same cohort of state and local government workers benefited from big salary boosts as well.