Friday, October 1, 2010

The Pension Fund Math adds up to fraud and corruption, in both Ventura County and Santa Barbara County!

SBCERS corruption VS VCERA pension fund math (Magic Pension math!)
Date: 2010-10-01, 10:31AM PDT
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Subject: Pension Fund Fraud and Corruption in Ventura with VCERA pension fund, do the math
Date: Fri, 1 Oct 2010 10:20:03 -0700

So how hard is it really to question the math and Pension Fund values as they have been reported to the public of California? Below is some data that the Santa Barbara Grand Jury put together back in 2000 in regards to the California County Pension funds and values. I will now use this data and the 2007 CAFR audit to challenge the past reported value of the VCERA or Ventura County Pension Fund. As you can see once you review the Ventura Pension Fund value in the chart below we start with 2.1 Billion dollars and a 5 year average investment return of 14.8%ending in the year 2000, wow talk about outstanding results. That works out to about 1 Billion dollars growth in 5 years! Oh hold that thought because if you look just below this chart you will see I have pulled some more recent data off the 2007 CAFR audit. Now in this audit there is a claim of 11.2% investment return for the previous 5 years starting in 2001 and coming forward to 2007. In the same passage though there is also a claim of only a 8.5% for the previous ten years, that's odd 14.2% return claimed in one five year span and 11.2% return claimed in another five year span. Regardless with a 122% funded ratio in 2000 and the next five years seeing results of 11.2% how is it possible this pension plan went sour and had to change to a two tier plan. You must remember that a 12%average investment return per year will double your investments every 7 years! Yes double your return every seven years. So based on that information and a 2.1 billion dollar starting point. Than you must also remember to add the contributions by employer employee's during that span and the VCERA pension fund should have a value in excess of 4 billion dollars. Well you must know me and how I love Pension Fund "Magic"math. I did the math and actually came out with a value of 4.7 billion dollars for the start of year 2008. Yes I rounded out to keep it simple but these return rates just make it imposable to have another under funded Pension Value! I also included some other data from the 2007 CAFR audit that shows there claim of underfunded future liability. I posted there employer employee contributions and a link to the 2007 CAFR report. So if you have the same serious concerns I do with the SBCERS or Santa Barbara County Pension plan, you should review Ventura's audit. The County government in Ventura have a totally different array of excuses for there Pension funding issues than our Board of Supervisors here in Santa Barbara. I really hope that my work makes more sense than what our government has been reporting to us in regards to under funded pension plans. If you really start to understand the math and investment return issues you can break down the funding issues rather fast. For example my break down of Ventura and there Pension issues took less than 5 total hours of additional research. I hope my concerns are well thought out and easy to understand. If I have succeeded than I have one more thing to ask. Please start sharing these emails that deal with pension funds with everyone one you can. Take the time to digest there content and let's really start to shake things up. I recently heard Father Boyle speak of Homeboy Industries and he is simply amazing. I am going to borrow from the Father ( one cannot steal from a priest "You will be told you are wasting your time and nobody cares". 'However is it not in ever Americans job description to participate and protect each other and our Country". Father Boyle please forgive me but I sort of borrowed your insight for my work. If Father Boyle were to reply he might say "Knuckle head" you are doing good work and I am ok with your usage. I ask once again please take the time to understand my position on the math and if it makes sense start asking questions. As always you must have some "Magic' in your heart because that is where I live and keep you all, in my Heart!

Here is a link to retrieve the data needed to understand my Pension Math concerns;

* Location: Magic Pension math!
* it's NOT ok to contact this poster with services or other commercial interests

PostingID: 1983550896

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