It’s no wonder the state of California is bankrupt.
CALPERS, the California Public Employee Retirement System, is now paying annual retirement benefits of more than $100,000 to 5,115 employees, including nearly $500,000 to the most highly-compensated former employee.
This idiocy will only get worse, because the state government has grown so dramatically in the last few years. More current grossly overpaid bureaucrats lead directly to more more future grossly overpaid retired bureaucrats.
CALPERS’ most highly-paid retiree is Bruce Malkenhorst, former city administrator of Vernon, California, whose pension pays $499,674.84 per year.
Never heard of Vernon, California? Well, no wonder. It the smallest incorporated city in Southern California with a population of just 91. Yes, you read that correctly. 91 total residents. The city is best known for sprawling industrial facilities and massive corruption. Malkenhorst was paid $600,000 per year to manage a city with 91 people. But that apparently was not enough for Malkenhorst, because he’s been charged with misappropriating $60,000 of city funds for his personal use.
(One of the largest firms headquartered in Vernon is Claugherty Packing’s “Farmer John” company, which made the news yesterday for landing a “stimulus” contract that paid far above the going rate for ham.)
If you can’t get a job working for the city of Vernon, the Top 10 list makes it appear that you next best bet would be working for the California State University system. Joaquin Fuster, a professor of psychiatry at UCLA takes home $296,555.88 in retirement benefits. Donald Gerth, former President of Cal State Sacramento, takes home an annual pension of $278,054.64. John Schlag, a professor of neurobiology at UCLA is paid $255,600.48 in retirement.
We’re not sure who bears the most blame here. Is it the government entities that negotiate the sweetheart deals? Or the employee unions that demand them?
Public employee unions + Obama stimulus = bankruptcy.
This madness cannot be sustained at the state level nor the federal level. Not on your back. And not on ours.