I am just getting started with my review of the California Public Pension funds. This week I paid for an additional 20 years of pension records from the California State Controllers office covering 10 Counties. I can now go as far back as 1978 and really give a solid fact based review. I plan on repeating my audit process with all 10 Counties, the money is huge and belongs to us the public. Thank you for your reviews and positive support. Just think what you and your group could do if properly funded!”
http://feelingthefutureqr.blogspot.com/2011/06/santa-barbara-criminal-court-corruption.html “LA County Employees, Please Vote For Kevin Miguel Norte, Candidate, LACREA Board of Investments, Seat Number Two, August 2, 2011 Los Angeles County Employee Election, endorsed by CA Assembly Speaker Pro Tempore Fiona Ma, Los Angeles City Councilmember Paul Koretz & Oxnard Harbor Commissioner Jason Hodge Governor's Committee on Employment of People With Disabilities member Don Norte AFSCME Local 910”
Let me be clear here I am not questioning if there is fraud with the SBCERS pension funds past and present reported values. I am presenting facts complete with supporting documentation that was prepared by Santa Barbara County which challenges all reported pension fund values and verify s FRAUD.
You can find this data on page 79 of this file marked B-27 . This document clearly shows that the SBCERS pension was 100% funded as of 1986.
If the above document is correct and the SBCERS pension was 100% funded in 1986. Why is the reported funded ratio for the SBCERS fund reported at only 67%. below? The next question we must ask ourselves is to bring the 100% value and math forward from1986 to present and what will you find? You will find a fully funded SBCERS pension fund that comes almost 1 Billion dollars over funded just as I have previously reported.
|This document reflects a 67% funded SBCERS Pension. How does this not match a document that is on file with Wall Street?|
In closing let me present two different accounts of how the SBCERS pension suffered a loss of over 87 Million dollars back in 2000. For some reason even after 20 different types of audits and valuations Santa Barbara County Auditor Controller Robert Geis felt compelled to produce yet another version explaining the past poor performance and missing fund value in 2006. He claims the cost of these benefits created new liabilities for past service estimated by the actuaries to cost $87 million to the fund.
County of Santa Barbara Office of the Auditor Controller County Retirement (SBCERS) Cost “White Paper” by Robert Geis C.P.A.
|You can find this data on page 37 of file marked page 33 of this report|