On The Money: $100,000 Felons: Convicted Felons Still Collect Pensions

CBS reports:

California is nearly $20 billion deep in debt – and CalPERS is expected to ask for $600 million additional dollars next month to pay for pension benefits. But a CBS 13 investigation reveals the giant fund is paying six figure pensions to convicted felons – and it's all perfectly legal.

"When I saw that it just incensed me," said Marcia Fritz, president of the California Foundation for Fiscal Responsibility, based in Citrus Heights. Fritz is referring to two members of the so-called $100,000 club – an elite group of retired government workers now collecting pensions averaging at least $100,000 a year.