Posts Tagged: Merced
California’s $67.5 billion bullet train has been described as “off-track” so long that some thought it was permanently derailed. In fact, the outlook has brightened: A series of court decisions, a move by Gov. Brown to pump money into the effort and an awakening interest from high-dollar investors has given the huge project new momentum.
Merced County pensions may have the lowest funding level of any public pension system in California, a shortfall officials attribute to a big retroactive pension increase for all county employees a decade ago and faulty actuarial work. In the latest annual public pension report from the state controller’s office, Merced County stands out with the lowest level of funding in the last reported year, 54.7 percent in 2010-11.
Backers of an initiative that would give new Ventura County employees a 401(k)-style plan, rather than a pension, sometimes mention a lawsuit filed last fall by a former sheriff. Bob Brooks, whose salary as Ventura County sheriff was $227,600 a year when he retired in January 2011, received an annual pension of $283,000. He filed a suit last September seeking an additional pension of $75,000 under a supplemental plan.
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