Retired fat cat California bureaucrats are pocketing a staggering $6.3 billion a year in pensions — with some being paid up to $462,000 a year for doing nothing.
asserted
some → retire → nothing
As the state’s public servant pension shortfall soars to at least $153 billion, the California Post can reveal that more than 63,000 retired public servants are being paid at least $100,000 a year from the California Public Employees’ Retirement System (CalPERS), the largest public pension fund in the US.
asserted
servants → soar → US
The massive gravy train — and recent efforts to further increase pension payouts — has been slammed by local elected officials who also benefit from CalPERS for straining local government budgets when they’re forced to pick up the tab for rising pensions.
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they → increase → pensions
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Sign → sign → California
“In the 1990s and the early 2000s, similar pension packages nearly bankrupted this state and many of our local municipalities,” Santa Barbara County Supervisor Bob Nelson told lawmakers last year, noting his county has had to pay out an extra $100 million annually to keep up with rising pensions.
“Those payments came at real costs: Reductions to pay public safety staffing and fewer resources to address mental health, homelessness and criminal justice reform,” he added.
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he → bankrupt → health
The 63,107 pensioners earning six figures are more than double the amount from 2018, when more than 26,000 were in the $100K-plus club.
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26,000 → earn → club
Two decades ago, in 2005, just 1,841 retirees were pocketing six-figure pensions, the Orange County Register reported.
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Register → pocket → pensions
The pension bonanza has been labeled a financial ticking time bomb by experts who spoke with the California Post, after to a decision by former Democrat Gov. Gray Davis in 1999 to sign a law significantly increasing public pension benefits for state employees.
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who → label → employees
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“If I knew then what I know now, I would never have signed SB 400,” Davis said in 2012, referring to the law.
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Davis → download → law
Much of CalPERS is a defined benefit pension system funded by a mix of employee contributions, investment growth and contributions by government employers — in other words, taxpayer dollars.
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Much → define → words
“The system is $153 billion short on assets needed to pay for promised benefits, the largest single pension debt in the country,” Zachary Christensen, who leads the Pension Integrity Project at the Reason Foundation, told The Post.
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who → need → Post
“The growing number of retirees receiving lavish public pension benefits in California rightfully frustrates taxpayers and will likely worsen in the years ahead,” Christensen added.
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Christensen → grow → years
The average annual pension benefit is $44,209, according to a Post analysis.
uncertain
benefit → accord → analysis
But the number of top-tier earners — those raking in at least $300,000 in benefits — has grown in recent years.
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number → rake → years
Last year, the number grew to 36.
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number → grow → 36
Topping the list is Curtis Ishii, who was a managing investment director for fixed income at CalPERS itself.
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who → top → CalPERS
He collected $462,784 last year and has been one of the biggest recipients since he retired in 2018 after more than 40 years in public service.
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he → collect → service
Government pensions are calculated with a formula based on annual salary and years of service.
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pensions → calculate → service
Investment officers are among the highest-paid California state employees.
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officers → pay → employees
Johnson became Solano County administrator in 1992 at age 43 with 19 years of experience in the public sector.
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Johnson → become → sector
His total gross pay in 2010, the last full year he worked for the county, was $354,197.
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he → work → county
His annual payment has grown over the years, as CalPERS applies annual cost-of-living increases.
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CalPERS → grow → increases
Johnson was previously the highest earner when he had a $372,000 pension in 2019.
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he → have → 2019
The last of the big three is Steve Maguin, who had a 23-year career in solid waste management and was chief engineer plus general manager of Los Angeles County Sanitation Districts.
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who → have → Districts
In 2012, he held a salary of $125,693.
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he → hold → 125,693
He received $418,614 last year from CalPERS.
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He → receive → CalPERS
“I talked with him not long after his retirement and he seemed happy and fulfilled,” one user commented on the news of his death.
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user → talk → death
The rest of the CalPERS beneficiaries who got lavish payments totaling more than $350,000 last year are:
Joaquin Fuster, professor of cognitive neuroscience at UCLA, with $385,479.57 in pension payments.
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who → get → payments
Tenure-track and ladder-rank professors at UCLA earn a median salary of $294,100.
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professors → earn → 294,100
He reportedly made $268,382 in his job in 2018.
uncertain
He → make → 2018
He held the role before Maguin.
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He → hold → Maguin
She was reportedly paid $184.65 per hour in 2020.
uncertain
She → pay → 2020
He had a reported salary of $135,826 in 2014.
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He → have → 2014
He was paid $304,146 for the role in 2023.
asserted
He → pay → 2023
Not all recipients have fully retired, with some moving on to non-government jobs.
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some → retire → jobs
For example, Di Stasio is listed as the president of the Large Public Power Council, where he advocates for public power systems in Washington, DC.
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he → list → Washington
Huge annual pensions may eventually phase out after California lawmakers passed a 2013 law that ties public pensions to IRS limits.
uncertain
that → phase → limits
Still, there are many going into retirement with pensions formed before the 2013 rules went into effect.
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rules → be → effect
CalPERS’ total payout has increased in recent years, from $29.1 billion in 2021-22 to $34.6 billion in 2024-25.
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payout → increase → 2024
The total number of members receiving pensions also grew.
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number → receive → pensions
…and 16 more, not listed.
The Aporia
