The County of Santa Barbara granted a Golden Handshake Retirement Incentive Program to 119 employees total cost of $6,854,011 SBCERS WOW

The County of Santa Barbara granted a Golden Handshake Retirement Incentive Program to 119 employees total cost of $6,854,011 Million Dollars WOW!

How come I can find these facts and figures and our local media cannot?  Well my postings have slowed down some but not the time I spend in thought just thinking of all the things I want to share. Yes of course this started because of all the doubt I faced from friends and family, while sharing events I was forced to experience 5 years ago but it has grown to so much more.

I sit here month after month waiting for you all to define what worth my efforts have created. I can only hope it has a lasting impression. One that says we must all think for ourselves and that common sense will never go out of style.

So let’s get started tonight and talk about numbers that our politicians have decided not to share with Santa Barbara County residents. Well now I have already shared with you how the violent crime rates have dropped in the city of Santa Barbara. I would like to thank the concerned citizen for bringing that to my attention this week.

Do you all remember a few years back when the County offered an early retirement incentive to its employees without sharing the cost with us? What would you say if I told you that the cost of that offer to only 119 employees was almost 7 MILLION DOLLARS?

http://www.countyofsb.org/uploadedFiles/sbcers/SBCERS%20CAFR%202010.pdf

“The County of Santa Barbara granted a Retirement Incentive Program that offered two years’ additional service credit (commonly referred to as Golden Handshakes) to 119 employees over the age of sixty or in Deputy District Attorney classifications and who retired by specified dates. The total cost of $6,854,011, as determined by Milliman, the System’s actuary, was paid by the County to SBCERS.”

Are you as shocked as I am, I bet the county employees that are losing there jobs are upset too. What about actions taken way back in 2009 that have a profound affect on our current 2011 budget deficit?

“The funding policy for amortizing the unfunded actuarial accrued liability

(UAAL) remains the same as of June 30, 2009. The funding policy calls for a 17-year “open/rolling” amortization period. The Board adopted this funding policy at its September 23, 2009 meeting to be effective retroactive to June 30, 2009.”

The above data was taken from the SBCERS COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Year Ended June 30, 2010 at the web site above.

SB County budget deficit for 2011 could reach $90 million

Posted: Jan 7, 2011 6:28 PM by Ariel Wesler – Source: KSBY News

Updated: Jan 7, 2011 8:48 PM “County leaders say in the worst case, this year’s budget deficit could be as much as $90 million. That’s more than double last year’s shortfall of about $40 million. The county employs close to 3500 people. Supervisors say changes must be made to employee pensions and benefits.’

I have concerns on so many different levels but we all must remember this; so does every other county in California until we get to the bottom of the alleged lost funds by our pension boards. Below is additional documentation that shows our Board of Supervisors knew in advance just how big this year’s budget deficient would be. Even though they where armed with this knowledge they decided to keep that to themselves and act like this was a recent revelation and surprise to them.

The meeting below discusses actions taken as far back as September of 09

http://www.sbcag.org/Meetings/SBCAG/2009/10October/Item%206E%20Staff%20Report%20re%20SBCERS%20%20Investment%20Losses.pdf

The above document conferms what is reported in the SBCERS 2010 CAFR report;

“The funding policy for amortizing the unfunded actuarial accrued liability

(UAAL) remains the same as of June 30, 2009. The funding policy calls for a 17-year “open/rolling” amortization period. The Board adopted this funding policy at its September 23, 2009 meeting to be effective retroactive to June 30, 2009.”

Why has our County official committed to actions for the next 17 years and yet only release there effect of those actions on a yearly Basis? Did you know there are audits for our SBCERS pension as well as every other California Public Pension as far back as 1978? (I DO)

California Public Pension Funds Yearly Audits from the office of the California State Controller. Pubic pension reports County by County and City by City. @ http://www.sco.ca.gov/ard_locrep_retirement.html

Public Retirement Systems Annual Report

Fiscal Year 2007-08

Fiscal Year 2006-07

Fiscal Year 2005-06

Fiscal Year 2004-05

Fiscal Year 2003-04

Fiscal Year 2002-03

Fiscal Year 2001-02

Fiscal Year 2000-01

Fiscal Year 1999-00

Fiscal Year 1998-99

Fiscal Year 1997-98

Fiscal Year 1996-97 (Summary)

Below is a correspondence from our State Controllers office;

Hi Larry:

The total for 20 years of Public Pension audit reports for the ten counties you have requested came out to be $xxxx. You can make the check or money order payable to: State Controller’s Office. We will process your request upon receipt of payment. Also, the final product will come on a CD with pdf’s of the tables you requested.

For your convenience, I have attached an itemized list of the order, so you can review it and make sure it is correct.

<>

Thank you for your time.
State Controller’s Office

Local Government Reporting Section

Why is it I am the only person in the State of California looking into the older audits of California’s public pensions, especially the SBCERS fund?

Dear elected and hired City and County officials;

We can no longer afford to allow you to do as you please. I am aware it is no secret but as it turns out there are others beside me that seek to hold you accountable!

Regards

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About magicinsantabarbara

Our Santa Barbara Criminal and Civil Superior Courts often abuse’s us with illegal and unjust judgments and convictions. So I investigate, law enforcement, judge’s, elected officials and our California Public Pensions trying to expose the corruption we are being forced to accept. We must always respect and support those who practice the law in an even and ethical manner and demand it from those who do not. Here you can find data for SBCERS, VECRA, LACERA .pensions as well as others.
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