Former Ventura County Sheriff Bob Brooks, whose $283,000 pension is among the largest of any retired government employee in California, is suing the county for a supplemental benefit that would pay him another $75,000 a year.
Thanks to rising U.S. and foreign stock markets, major public pension plans in the Tri-Counties exceeded expected investment return rates for the last fiscal year. But Santa Barbara County’s performance lagged far behind its peers. Ventura County Employees’ Retirement Association and San Luis Obispo County Pension and Trust saw net returns of 12.8 and 12.9 Read More →
Ventura County’s penchant for pension spiking has gone nationwide. It has caught the critical eye of AARP’s monthly bulletin, an influential publication seen by millions. We can debate the fairness AARP’s article attacking Ventura County, which is one of the better funded pension plans in the state. And, as the article points out, most who Read More →
The reforms themselves won’t fix California’s deep pension woes.
Ventura County will closely monitor returns on its investment portfolio to make sure an 8 percent gain is reasonable, county CEO Mike Powers said in a March 15 talk. Speaking in Ventura at the quarterly California Lutheran University Corporate Leaders Breakfast, Powers said that while 8 percent has been a historically accurate return, constant monitoring Read More →
California’s ailing benefits system rests on three tottering pillars — the State Fund for worker’s compensation, unemployment insurance and public pensions.
Ventura County is clearly an outlier in its pension system and taxpayers are bearing the burden.