Speaker: David Quinnert
Topic: The Disastrous Financial Condition of CALPERs
David Quinnert is a Certified Public Accountant having initially worked with Arthur Anderson then as the CFO of JBL PLUS, an advertising agency. In 2003 he started his own consultancy to assist marketers in evaluating how to compensate the advertising agencies. Although currently retired he continues to do have some long term Clients who continue to value my specialized experience.
His interests in recent years have been focused upon public pension debt, as well as the broader concern over Federal, State, County, and City Government Debt. He became aware that his small city of Carmel-by-Sea is ignoring a CalPERS unfunded pension liability over $30 Million, with no resources or plan to manage that debt. Interest alone on the debt is over $2 Million annually. He has tried to engage them to discuss the magnitude of the problem, as well as the options going forward, but they are not interested in my unsolicited input. The CalPERS debt here has become an unmentionable problem with our local leadership.
He has evaluated the CalPERS unfunded liabilities in most cities in Monterey County and found most of them have unsustainable CalPERS debt. It appears that their collective realization is that their unfunded liability is so large that a state or federal bailout is their only option to avoid bankruptcy.
He and his family live in Carmel-by-the-Sea. He is currently working with Dr. Michael Hogan and the California Arts and Science Institute.