Archive for the ‘ Pension Funds ’ Category

Calpensions: Dissident actuaries want to show big pension debt

calpers

Ed Mendel
August 15, 2016

Two actuarial associations did not publish a controversial paper by their joint task force, reflecting a split in the profession over whether public pension debt should be measured with risk-free bonds or the earnings forecast for stock-laden investment funds.

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red-ink

By Dan Walters
dwalters@sacbee.com
August 1, 2016 – 6:00 AM

  • California’s state and local public employee pension systems are caught in a vicious circle of rising outlays to retirees, very low pension fund earnings, higher unfunded liabilities and rising demands for more tax dollars.

Ron Seeling, the California Public Employees Retirement System’s chief actuary, believed he was speaking to a closed-door seminar in 2009 when he warned that public employee pension costs were becoming “unsustainable.”

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InlandPolitics: San Bernardino County pension fund posts investment loss

SBCO

Monday, August 1, 2016 – 11:00 a.m.

The pension fund for employees and retirees of San Bernardino County, California will post a negative return for it’s fiscal year just ended.

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Calpensions: CalPERS funding gap may grow under new trend

calpers

By Ed Mendel
Monday, August 1, 2016

Twice in recent decades CalPERS fell below 100 percent of the funding needed for promised pensions, and twice CalPERS climbed back. But since a $100 billion investment loss in 2008, the CalPERS funding level has not recovered.

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Dan Walters

By Dan Walters
dwalters@sacbee.com
July 23, 2016 – 2:00 PM

  • Pension problems stem from 1999 benefit boost
  • Unemployment insurance ills rooted in 2003 benefit boost
  • Stockton violates austerity budget to reopen library

One day last week, Daniel Borenstein, a columnist for newspapers in the Bay Area News Group, published a critical analysis of the California Public Employees’ Retirement System’s long-term finances.

Read the rest of this entry »

Dan Walters

By Dan Walters
dwalters@sacbee.com
July 18, 2016 – 4:03 PM

  • Big public employee pension fund gained just 0.61 percent last year
  • With low earnings, its unfunded liability for benefits grows
  • Maintaining 7.5 percent earnings assumption doesn’t make sense

You can smear lipstick on a pig, but that doesn’t change its innate porcinity.

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calpers

Business & Real Estate
By Dale Kasler
dkasler@sacbee.com
July 18, 2016 – 9:11 AM

  • Pension fund’s investment gains well below target
  • Poor stock market showing drives weak results

CalPERS reported a 0.61 percent gain in investments in its latest fiscal year, the second straight year of subpar results for the big California pension fund.

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Calpensions: As CalPERS exits hedge funds, CalSTRS adds more

Hedge Fund

By Ed Mendel
July 18, 2016

The two big California public pension funds, CalPERS and CalSTRS, are going opposite ways on a controversial investment strategy, hedge funds, that is under fire from a powerful teachers union.

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Dan Walters

By Dan Walters
dwalters@sacbee.com
July 12, 2016 – 3:04 PM

  • California Public Employees’ Retirement System lost money
  • Fund is now well short of what’s required to cover pensions
  • CalPERS demands more from governments to cover outlays

The California Public Employees’ Retirement System – the nation’s largest pension trust fund – took a beating during the Great Recession, dropping nearly $100 billion in value.

Read the rest of this entry »

calpers

By Teri Sforza / Staff Writer
July 12, 2016 – Updated 7:37 a.m.

Public workers are pumping more money into retirement funds. Public agencies are pumping more money into retirement funds.

Yet the market seems distinctly unimpressed.

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SBCO

Tuesday, June 28, 2016 – 09:00 a.m.

San Bernardino County is set to approve a $203 million payment to its pension fund on Tuesday.

Surprisingly it’s an amount that’s lower than last year.

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InlandPolitics: Pension fund resorts to 30 year performance measure

SBCO

Thursday, June 16, 2016 – 12:00 p.m.

You know things are getting tough when a pension fund starts mentioning its 30-year average average return in its investment reports.

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Calpensions: CalPERS ex-CEO sentenced, but probe continues

calpers

By Ed Mendel
June 6, 2016

A former CalPERS chief executive officer, Fred Buenrostro, was sentenced to 4½ years in prison last week for taking bribes, including $200,000 in cash, from a former CalPERS board member, Alfred Villalobos, who collected about $50 million in fees from private equity firms for helping them get investments from the big pension fund.

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The much-anticipated Newport Beach Civic Center has its grand opening to the public this Saturday. Event will include tours and open house. ///ADDITIONAL INFO: nb.cityhallpreview.0503 - 5/2/13 - PHOTO BY JOSHUA SUDOCK, THE ORANGE COUNTY REGISTER -- Picture made at Newport Beach City Hall in Newport Beach Thursday, May 2, 2013.

The heaviest loads in Orange County are in older cities, such as Newport Beach, that have had their own in-house police and fire departments for decades. Public safety workers usually get the most expensive pensions. (Joshua Sudock – File Photo)

By Teri Sforza / Staff Columnist
tsforza@ocregister.com
May 23, 2016 – Updated: 6:36 a.m.

So if you don’t live in Irwindale, rejoice: There, even when you look at it through rose-colored glasses, public pension liabilities equal $32,447 for each and every household in the city.

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Pensions

By Ed Mendel
May 23, 2016

Annual rates paid by employers to CalPERS and CalSTRS are going up, pension funding levels haven’t recovered from a big drop during the recession, and Gov. Brown’s pension reform put a lid on pension increases.

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InlandPolitics: Lovingood’s Pension Fairy Tale Continues

Robert Lovingood

San Bernardino County First District Supervisor Robert Lovingood has developed a new penchant for deceiving voters.

Saturday, May 21, 2016 – 01:00 p.m.
Last Modified: Monday, May 23, 2016 – 08:45 a.m.

Hats off to San Bernardino County First District Supervisor Robert Lovingood for doubling-down on his fantasy pension crack down spin.

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InlandPolitics: Lovingood’s Pension Fantasy Land Tale

Dunce

Thursday, May 19, 2016 – 08:45 a.m.

San Bernardino County First District Supervisor Robert Lovingood is living in a fantasy land.

That’s at least when it comes to the county’s pension fund.

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InlandPolitics: Time for SBCERA to lower projected returns

SBCERA

Monday, May 2 , 2016 – 12:00 p.m.

It’s time for the San Bernardino County Employees Retirement Association (SBCERA) to face reality regarding what it will make on investments in the future.

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San Bernardino Seal

By Ed Mendel
May 2, 2016

After reaching agreements with all major creditors, San Bernardino is moving toward an exit from a four-year bankruptcy this fall without cutting public pensions, its largest and rapidly growing debt.

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The Sun: April retirement benefits delayed for roughly 9,000 SBCERA members

Straight Face Emoticon

By Joe Nelson, The Sun
Posted: 04/29/16, 10:52 PM PDT |

Roughly 9,000 members and beneficiaries of the San Bernardino County Employees’ Retirement Association have experienced a delay in receiving their April benefit payments due to a clerical error, the organization’s spokesman said Friday.

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The Sacramento Bee: CalPERS sets higher pension contribution rates

calpers

Pension fund says rate hike smaller than expected

Business & Real Estate
By Dale Kasler
dkasler@sacbee.com
April 20, 2016 – 5:18 PM

CalPERS approved another round of rate increases Thursday, requiring higher contributions from state agencies and school districts for the 2016-17 fiscal year.

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Calpensions: CalPERS state worker rate increase: $602 million

Pension-Fund

Ed Mendel
April 14, 2016

CalPERS actuaries recommend that the annual state payment for state worker pensions increase $602 million in the new fiscal year to $5.35 billion, nearly doubling the $2.7 billion paid a decade ago before the recession and a huge investment loss.

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Calpensions: Brown’s long road to retiree health cost relief

Pensions

Ed Mendel
April 11, 2016

Gov. Brown’s plan to reduce state worker retiree health care costs got only a small nod in a tentative CSU faculty contract agreement last week. But three unions have agreed to begin paying down one of the state’s fastest-growing costs and largest debts.

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The Sacramento Bee: CalPERS rethinks ban on tobacco stocks

calpers

Business & Real Estate
By Dale Kasler
dkasler@sacbee.com
April 4, 2016 – 9:08 AM

  • Decision to sell stocks in 2001 has cost $3 billion, consultant says
  • Pension fund undertakes broader look at divestment policies
  • Anti-smoking group criticizes potential move

It’s been a hallmark of CalPERS policy for 15 years: no tobacco stocks.

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Calpensions: Annual state report begins showing pension debt

Pension Reform

By Ed Mendel
March 28, 2016

Following new accounting rules, the annual state financial report issued this month shows a “net pension liability” of $63.7 billion, a dramatic increase from the $3.2 billion “net pension obligation” reported last year.

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CalWatchdog: CalPERS has faith in imperiled energy status quo

calpers

Chris Reed
March 28, 2016

Is the California Public Employees’ Retirement System about to make another big mistake with a mistimed investment strategy, this time in the industrial solar sector?

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The Sacramento Bee: CalPERS makes big California solar investment

calpers

Business & Real Estate
By Dale Kasler

dkasler@sacbee.com
March 23, 2016 – 1:46 PM

  • Company operates big solar facilities near Palm Springs
  • Plants sell energy to utilities in California

CalPERS said Wednesday that it’s buying a significant stake in a solar energy company with operations near Palm Springs.

Read the rest of this entry »

The Sacramento Bee: Dan Walters: California pension debts revealed

Pensions

By Dan Walters
dwalters@sacbee.com
March 15, 2016 – 4:15 PM

  • New accounting standards require pension debt to be listed
  • Multibillion-dollar unfunded liabilities are emerging
  • However, Fresno has state’s only pension fund surplus

Thanks to new accounting standards, California’s state and local governments are being forced to acknowledge tens of billions of dollars in previously obscure debt for unfunded pension liabilities.

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VW

The Volkswagen logo is displayed on a car. (Michael Probst / Associated Press)

Associated Press
March 15, 2016

Volkswagen Group’s big institutional investors, including California’s huge public pension fund, are suing the German automaker for $3.57 billion in damages over its handling of the emissions scandal, which has seen VW’s stock price shrivel by a third.

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Los Angeles Times: CalPERS settles with Moody’s for $130 million in ratings case

calpers

James Rufus Koren
March 9, 2016

Moody’s Corp. will pay $130 million to the California Public Employees’ Retirement System to settle allegations that the ratings agency acted negligently by giving top scores to ultimately toxic investments that cost the pension fund hundreds of millions of dollars, CalPERS said Wednesday.

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The Sacramento Bee: CalPERS makes huge New York real estate deal

calpers

CalPERS has completed the purchase of a New York office building for $1.9 billion.

Business & Real Estate
By Dale Kasler
dkasler@sacbee.com
February 9, 2016 – 10:18 AM

  • Purchase is one of largest real estate investments in fund’s history
  • Almost fully leased, building represents conservative strategy

CalPERS has completed one of the biggest real estate investments in its history, purchasing a New York office tower for $1.9 billion.

Read the rest of this entry »

Calstrs

.

METRO

By Daniel Borenstein
dborenstein@bayareanewsgroup.com
Posted: 02/04/2016 06:00:00 PM PST
Updated: 02/04/2016 09:14:06 PM PST

Two years ago, Gov. Jerry Brown pushed through a 32-year plan to shore up the California State Teachers’ Retirement System.

Read the rest of this entry »

InlandPolitics: San Bernardino County pension fund suffers another quarterly loss

SBCO

Monday, February 1, 2016 – 08:30 a.m.

It’s nice that San Bernardino County coffers are flush with money.

Because it looks like it’ll be needed for the pension fund, the San Bernardino County Employees Retirement Association (SBCERA).

Read the rest of this entry »

SBCERA

Thursday, January 21, 2016 – 09:30 a.m.

San Bernardino County’s pension fund, San Bernardino County Employees Retirement Association (SBCERA), will pay out a 2% across-the-board cost of living (COLA) adjustment effective April 1, 2016.

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Contra Costa Times: California retirement liabilities remain despite surplus

Pension Reform

Associated Press
Posted: 01/18/2016 – 10:51:49 PM PST
Updated: 01/18/2016 – 10:52:19 PM PST

SACRAMENTO — The California budget that Gov. Jerry Brown proposed this month marks a shocking financial turnaround for a state that just a few years ago faced a $26 billion deficit.

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Los Angeles Times: CalPERS shelves controversial private equity policy

calpers

Melody Petersen
December 14, 2015

The state’s biggest public pension fund has repeatedly missed a key performance goal for its controversial private equity investments.

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InlandPolitics: San Bernardino County Pension shortfall approaches $2 billion

SBCO

Saturday, November 28, 2015 – 11:00 a.m.

Even though San Bernardino County, California has been ponying up tens of millions of dollars more in annual pension contributions each of the past several years, the funding situation hasn’t significantly changed.

Read the rest of this entry »

Bloomberg Business: Calpers Reports It Paid $3.4 Billion to Private-Equity Firms

Calpers

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Bloomberg Business

Alison Vekshin
November 24, 2015 — 8:17 AM PST
Updated on November 24, 2015 — 9:15 AM PST

Private-equity firms reaped $3.4 billion in profit sharing for investing on behalf of the California Public Employees’ Retirement System since 1990, the sort of gains that have led to debate over why Wall Street pays lower taxes than most American workers.

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InlandPolitics: Opinion: Jerry Brown right on CalPERS funding problem

Jerry Brown

Brown

Monday, November 23, 2015 – 09:00 a.m.

Not that I agree with California Governor Jerry Brown on much.

But he’s correct regarding the fix to the under-funding problem affecting the California Public Employees Retirement System (CalPERS).

Read the rest of this entry »

Los Angeles Times: CalPERS pay-down plan isn’t fast enough for Gov. Jerry Brown

Jerry Brown

California Gov. Jerry Brown’s disappointment over the CalPERS plans hints at a larger tug of war between him and the state employee unions. (Jeff Chiu / Associated Press)

John Myers
November 19, 2015

  • Jerry Brown disagrees with the new CalPERS pay-down plan

If there is one thing that Gov. Jerry Brown has made a calling card since returning to office in 2011, it’s a push toward paying down government debt.

Read the rest of this entry »

calpers

For years, the California Public Employees’ Retirement System has estimated its investments will earn an average of 7.5% or more a year. Now it plans to slowly reduce that rate to 6.5%.

Melody Petersen
November 18, 2015

The board of California’s largest public pension fund approved a plan Wednesday to lower its estimate of future investment returns — a move that will require taxpayers to pay billions of dollars more than expected over the next decades.

Read the rest of this entry »

CalPERS

Melody Petersen
Novembe 17, 2015

Experts have warned for years that the state’s largest public pension plan has overestimated how much its investments will earn, leaving taxpayers to pay billions of dollars more than expected.

Read the rest of this entry »

Los Angeles Times: Experts defend CalPERS’ private equity investments

calpers

Though CalPERS has acknowledged private equity’s problems, including high fees and murky disclosure, its record of generating higher returns over time than it does in public stocks has made it an indispensable part of the portfolio, officials said.

Dean Starkman Dean Starkman
November 16, 2015

The nation’s largest public pension fund would have endured lower returns and higher volatility over the years had it not invested in private equity, even with its high fees and added risks, experts testified Monday.

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InlandPolitics: San Bernardino County pension fund records quarterly loss

SBCO

Thursday, November 5, 2015 – 09:00 a.m.

If San Bernardino County leaders want a reason to push back at union demands for salary and benefit increases they now have it.

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Calpensions: CalPERS shifts focus to avoiding another big loss

Calpers

By Ed Mendel
Monday, October 26, 2015

Still underfunded after a $100 billion loss during the recession, CalPERS plans to slowly shift over decades to more conservative and lower-yielding investments, raising employer rates but reducing the risk of another financial bloodbath.

Read the rest of this entry »

calpers

CalPERS was a pioneer among public pension funds in investing in private real estate.

Dean Starkman
October 23, 2015

The Achilles’ heel of the vast CalPERS fund has been its real estate portfolio, but there are signs that the long-troubled segment is finally turning around.

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The Sacramento Bee: Questions arise on CalPERS investment risk-reduction plan

calpers

Business & Real Estate
By Dale Kasler
dkasler@sacbee.com
October 20, 2015

  • Governor wants fund to cut risk more quickly
  • CalPERS worries about squeezing member agencies
  • Buffering market volatility at core of plan

CalPERS is about to implement a new investment policy that will reduce risks and future profitability. But the giant pension fund is being urged by Gov. Jerry Brown’s administration, and some of CalPERS’ own board members, to dial back those risks more quickly.

Read the rest of this entry »

The Sacramento Bee: CalPERS aims to lower investment risks

calpers

The pension fund is looking to reduce investment risk.

Business & Real Estate
By Dale Kasler
dkasler@sacbee.com
October 12, 2015

  • Unusual plan would reduce risk following strong years
  • Returns could fall, taxpayer contributions could rise
  • All pension funds grappling with volatile climate

CalPERS is about to roll out an unusual new investment policy that could reduce risks but also lower its portfolio’s profitability.

Read the rest of this entry »

Calpensions: New CalPERS dispute over private equity fees

calpers

By Ed Mendel
September 21, 2015

After the CalPERS staff gave the board a correction last week for providing misinformation about private equity fees, the board member who has been grilling staff on the issue walked out of a private staff meeting because he was not allowed to record it.

Read the rest of this entry »

Los Angeles Times: Pension fund CalSTRS weighs shift to safety

Calstrs

An investment strategy such as CalSTRS is considering raises the question of whether such a move would hamper the fund’s ability to meet its investment target of 7.5%.

By Dean Starkman and Melody Petersen
September 2, 2015

The California State Teachers’ Retirement System, the nation’s second-largest public pension system, is considering a new strategy that would shift up to 12% of its $191-billion portfolio into safer investments, such as long-term Treasury bonds.

Read the rest of this entry »

Los Angeles Times: In strategy shift, CalPERS looks to cut financial risk

calpers

Under a proposal, CalPERS would begin slowly moving more money into safer investments such as bonds.

By Melody Petersen
August 30, 2015

California taxpayers have never paid more for public worker pensions, but it’s still not enough to cover the rising number of retirement checks written by the state’s largest pension plan.

Read the rest of this entry »

Calpensions: Brown aides urge CalPERS to speed up rate hike

calpers

By Ed Mendel
August 24, 2015

CalPERS took another step last week toward a gradual long-term rate hike, a move to lower the risk of big investment losses as the maturing pension system enters a new era.

Read the rest of this entry »

calpers

calstrs

By Dean Starkman
August 13, 2015

California’s two major public pension funds, the biggest in the nation, lost a total of more than $5 billion on energy-related investments for their fiscal years, ended June 30, according to a new report.

Read the rest of this entry »

Jon Ortiz

The State Worker
By Jon Ortiz
ortiz@sacbee.com
August 5, 2015

  • CalPERS’ and CalSTRS’ investment returns rose in 2013, but so did their pension debt
  • Unfunded public pension obligations totaled $4,425 per Californian in 2013
  • New ballot measure stirs debate over government retirement benefits again

Sacramento — With a new ballot proposal reigniting debate over government retirement benefits, the latest federal figures show California’s public pension debt in 2013 stood at $4,425 for every man, woman and child in the state, despite strong investment returns by public retirement funds.

Read the rest of this entry »

The Sacramento Bee: CalPERS CEO says pension proposal full of problems

Jon Ortiz

The State Worker
By Jon Ortiz
jortiz@sacbee.com
August 4, 2015

  • CEO Anne Stausboll says ‘imprecise’ proposed ballot measure makes analysis difficult
  • Plan would close traditional benefit plans to new members, create ‘huge’ challenges
  • Proponent says CalPERS is ‘lying’ to maintain a ‘failed’ pension system

A proposed ballot measure that would make future pension benefits subject to voter approval is fraught with legal and administrative peril, according to a letter from CalPERS’ chief executive officer, eliciting a response from one of the measure’s proponents that the assessment is a “lie.”

Read the rest of this entry »

calpers

Like other pension funds, CalPERS relies on private equity investing to meet its ambitious annual return target of 7.5% and keep pace with ever-growing obligations to its 1.7 million current and future retirees.

By Dean Starkman
August 3, 2015

CalPERS is finally about to reveal how much it really pays Wall Street for its most rarefied services — and taxpayers can expect a dose of sticker shock.

Read the rest of this entry »

InlandPolitics: San Bernardino County: Pension fund hurt by low investment returns

SBCO

Monday, August 3, 2015 – 07:30 a.m.

It looks as if San Bernardino County will be forking over additional money for pensions.

Read the rest of this entry »

Dan Walters

By Dan Walters
dwalters@sacbee.com
August 2, 2015

  • David Crane critical of pension funding
  • It’s cost him two high state appointments
  • But investor/teacher still firing bullets

There may not be a bounty on his head, but David Crane sits atop the enemies list for California’s public employee unions.

Read the rest of this entry »

InlandPolitics: San Bernardino County not “over the hump” on pension costs

Pension Reform

Saturday, July 18, 2015 – 02:30 p.m.

Several months ago county administrators told the Board of Supervisors the county was over the hump on ever escalating pension cost increases.

Not a chance!

Read the rest of this entry »

Riverside-County-Seal

$1.285 billion: The estimated value of the county’s unfunded pension liability. More than 80 percent of the county’s pension obligations are already funded.

Published: July 15, 2015 – Updated: 10:42 p.m.

Riverside County officials say changes to the county’s public employee pension system have saved money, but that the county will still pay millions of dollars more to the statewide pension network.

To read expanded article by Jeff Horseman in The Press-Enterprise, click here.

Calpers

Mary Childs and Alison Vekshin
July 14, 2015 -3:51 PM PDT

  • The $300 billion fund says it earned 2.4 percent in the last fiscal year, below its 7.5 percent target rate.

The chief investment officer of the biggest U.S. pension fund is most worried about low interest rates as the California Public Employees’ Retirement System struggles to earn enough money to pay beneficiaries.

Read the rest of this entry »

The Sacramento Bee: Opinion: Pensions fight gets new ammo

Dan Walters

By Dan Walters
dwalters@sacbee.com
July 13, 2015

  • Ballot measure seeks to curb pension spending
  • Both sides gearing up for a big fight next year
  • Paltry earnings by CalPERS provide fuel

It’s likely that California voters will be treated – or subjected – next year to a vitriolic campaign over public employee pensions.

Read the rest of this entry »

calpers

By Dean Starkman
Monday, July 13, 2015

The California Public Employees’ Retirement System said it missed its return target by a wide margin, hurt by a sluggish global economy and an under-performing private equity portfolio.

Read the rest of this entry »

The Sacramento Bee: CalPERS to sell up to $3 billion in real estate

calpers

Business & Real Estate

By Dale Kasler
dkasler@sacbee.com
June 30, 2015

  • Pension fund continues to reshape portfolio
  • Goal is fewer speculative investments

CalPERS said Tuesday it plans to sell up to $3 billion worth of real estate as it continues to overhaul its investment portfolio.

Read the rest of this entry »

Calpensions: New rules try to spotlight hidden retirement debt

Pension Reform

By Ed Mendel
June 29, 2015

An accounting board best known for requiring the calculation and reporting of the debt owed for retiree health care promised government workers, which often turned out to be shockingly large, is having another moment.

Read the rest of this entry »

calpers

By Dean Starkman
June 25, 2015

  • CalPERS investment chief said fund returned only 3% over 10 months
  • The performance, which trails the broader stock market, has implications for city and state finances

The nation’s biggest public pension fund is falling far short of its annual investment goals.

Read the rest of this entry »

Randy Adams

Randy Adams, former police chief of Bell, in 2013. A California pension board decided to slash Adams’ retirement benefits because his salary was not approved in public. (Rick Loomis / Los Angeles Times)

By Paul Pringle
June 25, 2015

A California pension board’s decision to slash the retirement benefits of former Bell Police Chief Randy Adams because his salary was concealed from the public will serve as a precedent for other cases in which government officials receive hidden pay, the panel has announced.

Read the rest of this entry »

The Sun: San Bernardino bankruptcy plan criticized in court

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 06/17/15 – 11:24 PM PDT |

RIVERSIDE >> The attorney representing bondholders who’ve invested about $50 million in San Bernardino came out swinging Wednesday in the first bankruptcy hearing since the city filed a bankruptcy exit plan that would pay bondholders only 1 percent of that.

Read the rest of this entry »

CalPERS

Business & Real Estate
June 10, 2015
By Dale Kasler
dkasler@sacbee.com

Setting up a possible showdown with CalPERS, two bond firms are reviving their legal campaign to win a bigger share of the money being doled out by bankrupt San Bernardino.

Read the rest of this entry »

Los Angeles Times: CalPERS to halve its Wall Street investment managers

calpers

The nation’s largest pension fund is planning to slash the number of Wall Street firms its uses to manage its investments.

By Dean Starkman
June 8, 2015

The California Public Employees’ Retirement System plans to cut in half the number of Wall Street firms it pays to manage its $303 billion fund, an effort to cut down on high fees that drag down returns.

Read the rest of this entry »

Calstrs

Business & Real Estate

Teachers’ pension fund was pressured to dump holdings

By Dale Kasler
dkasler@sacbee.com
June 8, 2015

Ending a lengthy effort that had frustrated school teachers, CalSTRS has sold its investment in the firearms manufacturer linked to the 2012 massacre at a Connecticut elementary school.

Read the rest of this entry »

The Sacramento Bee: Opinion: Pensions destined for ballot

Dan Walters

Dan Walters
June 4, 2015
dwalters@sacbee.com

  • Reformers, unions to square off
  • Two former city officials sponsor measure
  • Are pension costs cutting vital services?

California’s seemingly endless debate over public employee pensions may be approaching a climax.

Read the rest of this entry »

Calpensions: CalPERS looks at long-term rate hike to cut risk

calpers

By Ed Mendel
June 1, 2015

CalPERS is considering small increases in employer and employee rates over decades to reduce the risk of big investment losses, a policy that also would lower an earnings forecast critics say is too optimistic.

Read the rest of this entry »

U-T San Diego: Report: Officials masked big pension hike

Pensions

Pension debts are sky-high, but little interest at the Capitol

By Steven Greenhut
May 27, 2015 – 3:10 p.m.

SACRAMENTO — “There are two ways to be fooled. One is to believe what isn’t true; the other is to refuse to believe what is true,” wrote the 19th century Danish philosopher Soren Kierkegaard. It must be an enduring trait of mankind and especially of politicians, who often fool themselves (and the public) about major problems.

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Calpensions: San Bernardino exit plan cuts some pension costs

San Bernardino Seal

By Ed Mendel
May 26, 2015

A San Bernardino plan to exit bankruptcy follows the path of the Vallejo and Stockton exit plans, cutting bond debt and retiree health care but not pensions. Then it veers off in a new direction: contracting for fire, waste management and other services.

Read the rest of this entry »

Teamsters

Union tosses cash at lobbying despite retirement shortfalls

By Jeffrey Scott Shapiro
The Washington Times
Wednesday, May 20, 2015

The Teamsters have begun informing retirees and current workers that their pension benefits may soon be cut, the final ironic twist to a lobbying campaign that saw the union spend its own members’ dollars to win the right to shrink their retirement pay.

Read the rest of this entry »

The Sun: San Bernardino plans huge reductions in bankruptcy plan

Bankruptcy Court

By Ryan Hagen, The Sun
Posted: 05/14/15, 4:49 PM PDT |

SAN BERNARDINO >> The proposed bankruptcy exit plan released to the public for the first time Thursday would pay 1 percent of the $50 million owed to pension obligation bondholders, slash retirees’ healthcare coverage, and contract out for services, including fire and waste disposal, among other changes.

Read the rest of this entry »

The Sacramento Bee: CalPERS wins ruling in San Bernardino bankruptcy

San Bernardino Seal

Judge allows city to make pension payments

By Dale Kasler
dkasler@sacbee.com

Government pensions in California have withstood another fierce challenge in bankruptcy court.

Read the rest of this entry »

The Sacramento Bee: Why CalPERS retirees flee California

Las Vegas

Las Vegas has the most Golden State transplants

Jon Ortiz

The State Worker
By Jon Ortiz
jortiz@sacbee.com
May 11, 2015

About 15 percent of CALPERS pensioners live outside California

This city’s Spanish name recalls grassy, spring-fed meadows that nourished the first farms here and gave laborers relief from desert heat.

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InlandPolitics: Pensions: Neighboring counties seem perplexed

SBCO

Saturday, May 9, 2015 – 12:00 a.m.

When you read the story on San Bernardino County pensions, published in The Sun newspaper on Friday, one takeaway is evident.

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Money

Saturday, May 8, 2015 – 11:00 a.m.

San Bernardino County and its pension fund, San Bernardino County Employees Retirement Association (SBCERA), have fought feverishly to block disclosure of individual pension amounts by name.

That’s until now.

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Golden Gate Bridge Panorama

By Joe Nelson, The Sun
Posted: 05/07/15 – 12:47 PM PDT |

The average pension for a retired San Bernardino County employee who put in 30 or more years was $88,000 in 2014, and three county retirees pull in more than $300,000 a year in benefits, according to Transparent California, a government watchdog organization that tracks salary and other compensation data of public employees.

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InlandPolitics: San Bernardino County pension fund staring at lackluster year

SBCO

Saturday, May 2, 2015 – 11:30 a.m.

San Bernardino County, California leaders can think again, if they thought its general fund was going to get a break from skyrocketing pension costs.

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Jon Ortiz

The State Worker
Jon Ortiz chronicles civil-service life for California state worker
By Jon Ortiz
jortiz@sacbee.com
04/15/2015 – 2:50 PM

He’s at it again.

This time CalPERS maverick board member J.J. Jelincic is taking on his colleagues and Attorney General Kamala Harris over a policy that excludes him from performance and pay decisions for the fund’s top executives. Harris says that Jelincic shouldn’t participate in those decisions to avoid conflicts of interest.

The Sacramento Bee: CalPERS contributions to rise more than 9 percent

calpers

Capitol Alert
The go-to source for news on California policy and politics
By Dale Kasler
dkasler@sacbee.com
04/14/2015 5:54 PM

CalPERS is about to raise pension contribution rates again, this time by more than 9 percent, a move that will cost state government and local school districts nearly $600 million.

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