Archive for the ‘ Pension Funds ’ Category

Calpensions: Stockton bankruptcy’s unsettled pension legacy

Pensions

By Ed Mendel
Monday, March 2, 2015

On the day that Stockton emerged from bankruptcy last week, ending 32 months of debt protection, the final court argument was about the “cram down” imposed on the only creditor that did not cut a deal.

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InlandPolitics: S.B. County Pension Fund below target

SBCO

Saturday, February 28, 2015 – 01:00 p.m.

San Bernardino County’s pension fund has underperformed for the first half of its current fiscal year.

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Calpensions: CalPERS paid lawyers $7 million in bankruptcies

calpers

By Ed Mendel
February 16, 2015

CalPERS has paid two law firms more than $7 million in the Vallejo, Stockton and San Bernardino bankruptcies, even though a federal judge doubts that it has the legal standing to object to city pension cuts.

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SacBee: Stockton bankruptcy judge puts key CalPERS rulings in writing

US Bankruptcy Court

By Dale Kasler
dkasler@sacbee.com
02/05/2015 6:44 PM

With harsh words for CalPERS and an angry bondholder, a U.S. bankruptcy judge has put into writing his pivotal rulings on the sanctity of public pensions in the Stockton bankruptcy case.

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calpers

CalPERS to receive more than $300 million from federal settlement with S&P

Sacramento-Business-Journal

Feb 3, 2015, 2:40pm PST
Allen Young
Staff Writer- Sacramento Business Journal

California’s giant public pension system said Tuesday it stands to receive $301 million from a settlement with Standard & Poor’s announced earlier in the day by federal and state prosecutors.

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Calpensions: Pension shareholder clout reshapes corporations

Corporate Governance

By Ed Mendel
February 2, 2015

A bitter breakup of a well-known Ohio company, Timken, approved by shareholders in a battle led by CalSTRS and one of its investment funds, Relational, has become a case study as activist shareholders try to squeeze more profit from companies.

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SacBee: Judge rejects bid to keep Stockton in bankruptcy

US Bankruptcy Court

By Dale Kasler
dkasler@sacbee.com
01/20/2015 8:58 PM

A bankruptcy judge Tuesday dismissed an effort to keep Stockton mired in bankruptcy while a creditor challenges a decision that lets the city pay its CalPERS pension bills in full.

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Calpensions: Sad end for CalPERS private equity ‘golden years’

calpers

By Ed Mendel
Tuesday, January 20, 2015

The apparent suicide last week of Alfred Villalobos, who faced a bribery trial next month, is a sad end for a former CalPERS board member paid more than $50 million by firms seeking money from the big pension fund.

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OCRegister: Local cities still face significant pension risks

Pension Reform

Local cities still face significant pension risks

Jan. 17, 2015
Updated 10:44 p.m.
By TERI SFORZA

Things might be looking a bit better, but let’s not let it go to our heads.

Anaheim is still staring down a public pension hole more than half a billion dollars deep.

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LATimes: CalPERS posts 18.4% return on investments in 2014 fiscal year

calpers

By Marc Lifsher
January 14, 2015

Amid concern over soaring retiree costs, the state’s nearly $300-billion public pension fund issued an annual report that showed solid investment gains.

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InlandPolitics: No raises for San Bernardino County workers?

Pay Cut

Tuesday, January 13, 2015 – 10:30 a.m.

In San Bernardino County, California, administrators are putting the writing on the proverbial wall.

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The Sun: No immediate relief for San Bernardino County pension costs

SBCO

By Joe Nelson, The Sun
Posted: 01/10/15, 2:41 PM PST | Updated: 1 day ago

San Bernardino County’s contribution to its employee pensions will increase by $35.6 million in the next year, attributed to reduced rates on investment returns and increased life expectancies for pensioners, according to the county’s chief financial officer.

And those increased costs will shadow the county for at least the next 15 years.

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Pension-Fund

By Dale Kasler
dkasler@sacbee.com
01/08/2015 8:44 PM

Government pensions, once thought to be ironclad in California, are under attack in court once again.

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Calpensions: Will Brown propose paying judges pension debt?

Question Mark

By Ed Mendel
Monday, January 5, 2015

In what has been a futile annual ritual, CalPERS President Rob Feckner sent the governor and Legislature a letter last March urging advance funding of a closed judges pension plan, a change estimated to save $753 million to $2.3 billion in the long run.

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InlandPolitics: San Bernardino County retirement costs rise again

SBCO

Related Post: InlandPolitics: S.B. County pension costs continue climb

Sunday, January 4, 2015 – 11:30 a.m.

This Tuesday, the San Bernardino County Board of Supervisors will vote to approve another increase in its annual pension contributions.

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Reuters: California judges sue Calpers pension system over contributions

gavel

By Tim Reid
Monday, Dec 29, 2014 – 8:38pm EST

(Reuters) – A group of judges is suing California’s public pension system Calpers and the state of California over claims their pension contributions have been almost doubled unlawfully.

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Calpensions: Tackling the big debt that lawmakers let balloon

Pension Reform

By Ed Mendel
December 22, 2014

The debt or “unfunded liability” state Controller John Chiang reported last week for state worker retiree health care, $72 billion, is larger than the unfunded liability for state worker pensions reported by CalPERS in April, $50 billion.

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Calpensions: CalPERS: extra contributions can yield big savings

calpers

By Ed Mendel
December 15, 2014

CalPERS is encouraging government employers to make extra payments to reduce their pension debt or “unfunded liability” if budgets allow, saying millions can be saved in the long run.

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SacBee: Opinion: Pension cost avoidance creates gaps

Dan Walters

By Dan Walters
dwalters@sacbee.com
12/14/2014 12:01 AM

California’s perpetual political debate over public employee pensions usually focuses on the benefits themselves – whether they are fair compensation for those doing the public’s work or, conversely, too generous.

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LATimes: Congress poised to allow cuts to private pension payouts

U.S. Capitol

Congressional action could mean that more than 1 million Americans could see part of their monthly pension checks evaporate.

By Evan Halper
December 11, 2014

More than 1 million Americans who were promised secure, predictable retirement income probably will see part of their monthly benefit checks evaporate as Congress moves to stabilize some private pension systems veering toward insolvency.

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National Journal

By Billy House
December 8, 2014

As lawmakers pressed Monday to finalize the legislative language of a must-pass omnibus spending bill, labor unions and retiree groups were mobilizing to defeat what they are characterizing as a lame-duck sneak attack on the pensions of some already-retired workers.

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pensions

By Michael A. Fletcher
December 3, 2014 at 9:38 PM

Congress could soon allow the benefits of current retirees to be cut as part of an agreement to address the fiscal distress confronting some of the nation’s 1,400 multi-employer pension plans.

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Calpensions: Vallejo first to test no pension cut in bankruptcy

Pension Reform

By Ed Mendel
Monday, December 1, 2014

What happens when a bankrupt city does not cut its largest debt, pensions, is getting its first test in Vallejo, which has higher average pensions and higher CalPERS rates than the two larger cities still in bankruptcy, Stockton and San Bernardino.

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SacBee: Jerry Brown and CalPERS on course for another pension-law collision

Pension Reform

By Jon Ortiz
jortiz@sacbee.com
11/26/2014 8:16 PM

Don’t be surprised next year if Gov. Jerry Brown re-enters the political boxing ring for another around with CalPERS over what kinds of pay can count toward a government retiree’s pension calculations. And don’t be surprised if he loses again.

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Bloomberg: California Pension Fund Bonus Payouts Climb 14% From Prior Year

calpers

By Michael B. Marois
Nov 24, 2014 – 10:49 AM PT

The $300 billion California Public Employees’ Retirement System, the largest U.S. public pension, paid $9 million in bonuses last fiscal year, up 14 percent from a year earlier as earnings exceeded benchmarks.

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Calpensions: CalPERS retirees outnumber active workers soon

calpers

By Ed Mendel
Monday, November 24, 2014

In a few years CalPERS retirees are expected to outnumber active workers, a national trend among public pension funds that makes them more vulnerable to big employer rate increases.

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SacBee: Pay for CalPERS board members varies widely

calpers

By Jon Ortiz
jortiz@sacbee.com
11/22/2014 10:40 PM

Over the years, longtime CalPERS board member Priya Mathur has drawn widely varying amounts for her service. One year she received $18,500. Last year, it was $118,900.

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UTSanDiego: CalPERS wins yet another hollow victory

Pat Morris

Former San Bernardino Mayor Pat Morris ponders a question Wednesday, July 11, 2012, regarding the city council vote authorizing a bankruptcy filing outside San Bernardino City Hall in San Bernardino, Calif. (AP Photo/The San Bernardino Sun, Rick Sforza) Former San Bernardino Mayor Pat Morris ponders a question Wednesday, July 11, 2012, regarding the city council vote authorizing a bankruptcy filing outside San Bernardino City Hall in San Bernardino, Calif. (AP Photo/The San Bernardino Sun, Rick Sforza) — AP

Bankrupt San Bernardino rolls over, but pension problems persist
By Steven Greenhut
Nov. 21, 2014

SACRAMENTO — The recent announcement that the bankrupt city of San Bernardino has agreed to fully pay its pension debt to the California Public Employees’ Retirement System has public-employee unions cheering. But pension reformers, though demoralized, believe the CalPERS victory is a hollow one.

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Calpensions: San Bernardino hires Stockton exit plan architect

San Bernardino Seal

By Ed Mendel
November 20, 2014

A former Stockton city manager, Bob Deis, regarded as the architect of the Stockton plan to exit bankruptcy, is part of a consulting team hired by bankrupt San Bernardino this week to develop an exit plan.

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InlandPolitics: San Bernardino County pension fund still has $2 billion funding gap

SBCO

Wednesday, November 19, 2014 – 09:00 a.m.

San Bernardino County’s pension fund isn’t in horrible shape. But it isn’t in great shape either!

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SacBee: Opinion: Big pension gap won’t vanish soon

Dan Walters

By Dan Walters
dwalters@sacbee.com
11/18/2014 10:15 PM

State Controller John Chiang performed an admirable public service by publishing a detailed report on the finances of California’s public employee pension systems.

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San Bernardino Sign

The city’s lawyers suggested San Bernardino wasn’t eager to pick a fight with the nation’s largest public pension fund.

By Dale Kasler
dkasler@sacbee.com
11/18/2014 11:08 PM

Public employees and retirees in California absorbed a potentially devastating court ruling a little more than a month ago: Pension benefits can be legally slashed if their employers go bankrupt.

The cities in a position to cut pensions, however, have shown no interest in doing so.

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SacBee: CalPERS drops nearly 15,000 from state health rolls

calpers

By Jon Ortiz
jortiz@sacbee.com
11/14/2014 1:44 PM

CalPERS has dropped health coverage for nearly 9,000 people over the last year after a sweeping audit revealed they weren’t eligible for benefits received through state-worker and state-retiree health plans.

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LATimes: California pension funds are running dry

John Chiang

New data on California public pensions from a website created by state Controller John Chiang come at a time of growing anger from taxpayers over the skyrocketing cost of public workers’ retirements. (Cheryl A. Guerrero / Los Angeles Times)

By Marc Lifsher
November 13, 2014

A decade ago, many of California’s public pension plans had plenty of money to pay for workers’ retirements.

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SacBee: CalSTRS pensions grew faster than pay, inflation

calstrs

Ed Mendel
Monday, November 10, 2014

A new look at how CalSTRS members changed during the last 15 years shows the average teacher working fewer years, retiring at an older age and collecting a pension that grew faster than pay or inflation.

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LATimes: Different pension rulings expected in Stockton, Detroit bankruptcies

Pension-Fund

By Marc Lifsher
November 2, 2014

Stockton employees and retirees avoided pension cuts when a federal judge last week approved the San Joaquin Valley city’s plan to emerge from bankruptcy.

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SacBee: Opinion: Controller John Chiang drops bombshell on California public pensions

Dan Walters

By Dan Walters
dwalters@sacbee.com
11/01/2014 5:00 PM

State Controller John Chiang dropped a political bomb the other day, although he was so quiet about it, one could say it was a stealth bomb.

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SacBee: Judge approves Stockton’s plan to repay creditors, leaving pensions intact

Gavel

By Dale Kasler
dkasler@sacbee.com
10/30/2014 9:20 PM

Government pensions in California remain untouchable, at least for now, after a bankruptcy judge approved Stockton’s plan to repay its creditors Thursday without reducing the city’s pension obligations.

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LATimes: Stockton bankruptcy ruling will decide fate of public pensions

US Bankruptcy Court

By Marc Lifsher and Melody Petersen
October 29, 2014

In a closely watched case, a federal judge on Thursday is expected to decide whether the bankrupt city of Stockton can continue to pay employees generous pensions that soon could consume one-fifth of municipal revenues.

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Calpensions: Experts tell CalSTRS earnings may fall short

Calstrs

By Ed Mendel
Monday, October 27, 2014

The CalSTRS board was told this month that financial experts are forecasting investment earnings of 7 percent a year or less during the next decade, below the 7.5 percent assumed by the pension fund.

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LATimes: 99 ways to boost pensions in California — at public cost

Pensions

Governments sent CalPERS more than $8 billion last year, an amount that has quadrupled in the last 10 years. (Thomas Fuchs / For The Times)

By Melody Petersen and Marc Lifsher
October 23, 2014

Directing traffic is part of a police officer’s job, and in the city of Fountain Valley, keeping cars moving comes with a $145 monthly bonus — and a bigger pension.

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calpers

October 23, 2014

The board of the California Public Employees’ Retirement System voted to add to a recent pension reform law 99 bonuses that can boost workers’ current paychecks and also their future pensions. Here are some of these retirement-enhancing bonuses:

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OCRegister: Watchdog: Thousands join the ‘$100K club’ for pensions

calpers

By TERI SFORZA
STAFF COLUMNIST
tsforza@ocregister.com
Published: Oct. 19, 2014 Updated: Oct. 20, 2014 10:37 a.m.
image0-Watchdog: Thousands join the ‘$100K club’ for pensions

Back in 2005, some 1,841 retirees pulled down more than $100,000 a year in pension checks from the California Public Employees’ Retirement System.

By 2009, this so-called “$100K club” had more than tripled, to 6,133 members.

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Calpensions: How CalPERS ranks: average service, high costs

calpers

By Ed Mendel
October 20, 2014

A new comparison with four other large public pension funds found that CalPERS, while scoring average on service, had high pension administration costs — $213 per member a year, nearly twice the average of $108 per member.

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Priya Mathur

Priya Mathur was removed from CalPERS board leadership positions for campaign finance disclosure infractions. | CalPERS

By Dale Kasler
dkasler@sacbee.com
0/15/2014 10:37 PM

CalPERS punished one of its own Wednesday, stripping a prominent board member of her leadership positions because of her latest violations of the state’s campaign finance disclosure laws.

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Priya Mathur

Mathur

By Dale Kasler
dkasler@sacbee.com
Published: Monday, Oct. 6, 2014 – 5:53 pm

CalPERS board member Priya Mathur, repeatedly fined for violating state campaign-finance disclosure rules, is facing a $4,000 penalty for her latest transgression.

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Calpensions: Pensions still a puzzle in Stockton bankruptcy

Pieces to the Puzzle

By Ed Mendel
October 6, 2014

A federal judge ruled last week that Stockton’s CalPERS pensions can be cut in bankruptcy. But Stockton does not want to cut pensions, and the lone holdout creditor says it can be paid without cutting pensions.

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SacBee: Dan Walters: Bankruptcy judge lights fuse with Stockton pension ruling

Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Thursday, Oct. 2, 2014 – 10:20 pm

It should have surprised no one that federal Bankruptcy Court Judge Christopher Klein declared that public employees’ pensions are not sacrosanct when their employers declare bankruptcy.

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Michael Hiltzik

Michael Hiltzik
October 2, 2014

The investment house Franklin Templeton’s effort to knock down the city of Stockton’s proposal to emerge from bankruptcy portrays the case as one in which Franklin is defending itself against three big, faceless adversaries.

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AP: Ruling lets bankrupt city cut pension benefits

judges-gavel

AP California News
Oct 2, 9:28 AM EDT

By DON THOMPSON
Associated Press

SACRAMENTO, Calif. (AP) — U.S. bankruptcy law allows the California city of Stockton to cut pension benefits because it can treat its obligations to the public retirement fund like other debts, a federal judge said in a ruling that could help clarify who gets paid first by financially strapped cities around the nation – pension funds or creditors.

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San Bernardino Seal

The City of San Bernardino may benefit from a recent ruling about paying pensions in the city of Stockton.

By Ryan Hagen, Press-Telegram
Posted: 10/01/14, 11:38 PM PDT |

A decision Wednesday by the judge at Stockton’s bankruptcy trial that allows bankrupt cities to treat the California Public Employees’ Retirement system like other debtors might open the door for other insolvent cities that could want to cut back on expensive pension obligations — including San Bernardino.

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Calpensions: CalPERS earnings no longer last among big funds

By Ed Mendel
September 22, 2014

Three years ago CalPERS investment earnings hit bottom in a Wilshire consultants report that ranks the performance of big pension funds — dead last among its peers over the previous five years.

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SacBee: CalPERS gets $88 million in Citi settlement

calpers

By Dale Kasler
dkasler@sacbee.com
Published: Thursday, Sep. 18, 2014 – 4:44 pm

CalPERS said Thursday it has collected $88 million from a previously-announced settlement with Citigroup Inc. over toxic mortgage securities.

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LATimes: CalPERS picks Ted Eliopoulos to be investment chief

calpers

Ted Eliopoulos is named chief investment officer of the California Public Employees’ Retirement System, the nation’s largest public pension fund.

By Marc Lifsher
September 16, 2014

California’s huge pension fund has turned to a trusted insider to take over the daunting job of directing almost $300 billion in investments, crucial to the retirement of more than 1 million current and former state and local government workers.

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LATimes: CalPERS decides hedge funds are a sell

Photo: CalPERS board

The CalPERS board meets at headquarters in Sacramento. (Robert Durell / For The Times)

By Marc Lifsher
September 15, 2104

SACRAMENTO — The country’s biggest public pension system is getting out of hedge funds.

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SacBee: CalPERS cleared to sue ratings agencies

California Supreme Court

By Dale Kasler
dkasler@sacbee.com
Published: Monday, Sep. 15, 2014 – 3:56 pm

The state Supreme Court has cleared CalPERS to sue Wall Street’s leading ratings agencies over a series of disastrous investments that cost the pension fund more than $1 billion.

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InlandPolitics: San Bernardino County pension fund underperforms

SBCO Seal

Thursday, September 11, 2014 – 09:45 a.m.

The pension fund for San Bernardino County employees exceeded its assumed rate of return of 7.75% for the 2013-14 fiscal year, but that’s about it.

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LATimes: Pension ‘spiking’ to cost CalPERS nearly $800 million, controller says

calpers

By Marc Lifsher
September 9, 2014

Taxpayers and local governments are on the hook to pay nearly $800 million stemming from “legal” pension spiking over the next two decades, the state controller said Tuesday.

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Calpensions: CalSTRS debt report drops from $167B to $59.5B

Calstrs

By Ed Mendel
Monday, September 8, 2014

CalSTRS was bracing to report the nation’s biggest pension debt under new government accounting rules that take effect this fiscal year — $167 billion, an amount so huge some thought it might increase the cost of issuing local school bonds.

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Calpensions: Small city puts spotlight on big CalPERS exit cost

calpers

By Ed Mendel
Monday, September 2, 2014

A small but affluent Orange County city, with a current staff of only a half dozen employees, would have to pay about $3.6 million to leave CalPERS, the giant state pension system estimated two years ago.

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Calpensions: Image-sensitive CalPERS has down week in media

calpers

By Ed Mendel
August 25, 2014

Last week was not a good one for CalPERS, which carefully tracks mentions of the giant pension system in the media and gives each story a rating of positive, neutral or negative.

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SacBee: CalPERS seeks safer path but can’t eliminate investment risk

CalPERS

By Dale Kasler
dkasler@sacbee.com
Published: Saturday, Aug. 23, 2014 – 12:00 am

CalPERS, still feeling the effects of the 2008 financial markets crash, is working to dial back the risk in its investment portfolio.

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SacBee: Dan Walters: Pension fatteners reveal some strange public work rules

Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Thursday, Aug. 21, 2014 – 10:01 pm
Last Modified: Thursday, Aug. 21, 2014 – 11:13 pm

Two years ago, Gov. Jerry Brown and the Legislature agreed to a mild reform of public employee pensions aimed, they said, at reducing manipulation of the system and reducing long-term costs.

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Bank of America

By Dale Kasler
dkasler@sacbee.com
Published: Thursday, Aug. 21, 2014 – 8:29 am
Last Modified: Friday, Aug. 22, 2014 – 7:55 am

California homeowners and pension funds will receive $800 million from Bank of America Corp., the state’s share of a record-breaking settlement over toxic mortgages issued and packaged as investment securities during the housing bubble.

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calpers

By Jon Ortiz
jortiz@sacbee.com
Published: Wednesday, Aug. 20, 2014 – 11:10 am

A divided CalPERS board approved a regulation Wednesday that will allow nearly 100 different types of supplemental pay to count toward pension calculations for state and local government employees.

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LATimes: New charges filed against ex-CalPERS official in corruption case

Alfred Villalobos

Alfred Villalobos is accused of conspiring with and bribing a former CalPERS executive to close a $3-billion deal with a Wall Street private equity firm. (Allen J. Schaben / Los Angeles Times)

By Marc Lifsher
August 7, 2014

SACRAMENTO — A federal grand jury Thursday handed down new and expanded corruption charges against investment deal “placement agent” Alfred J.R. Villalobos, a central figure in the 2009 influence-peddling scandal that rocked the country’s largest public pension fund.

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SacBee: Investment bank faces possible suit over CalPERS investment losses

calpers

By Dale Kasler
dkasler@sacbee.com
Published: Wednesday, Aug. 6, 2014 – 11:24 pm

California officials are threatening to sue investment bank Morgan Stanley over a series of toxic real estate investments that allegedly cost CalPERS nearly $200 million.

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OCRegister: Public pensions: Good news, bad news

Pension Reform

Annual returns are looking good for many funds, but they are still in a big hole when it comes to being able to meet obligations.

By TERI SFORZA / STAFF COLUMNIST
Published: Aug. 3, 2014 Updated: 6:20 p.m.

Public investment types may be rubbing their hands together muttering, “money, money, money,” after stellar returns over the past year, but some have a lot more to crow about than others.

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Calpensions: Detroit-style pension cuts: could it happen here?

question-mark

By Ed Mendel
July 28, 2014

Bankrupt Detroit announced last week that current workers and retirees voted overwhelmingly to cut many pensions by 4.5 percent and to trim or eliminate cost-of-living adjustments.

Read the rest of this entry »

calpers

By Dale Kasler
dkasler@sacbee.com
Published: Thursday, Jul. 24, 2014 – 8:32 pm

It’s been one of the darkest chapters in CalPERS history, a bribery scandal that prompted a guilty plea from its former chief executive earlier this month.

It’s also been rather profitable.

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SacBee: CalPERS, CalSTRS report 18 percent profit on investments

calpers

calstrs

By Dale Kasler
dkasler@sacbee.com
Published: Tuesday, Jul. 15, 2014 – 12:00 am
Last Modified: Tuesday, Jul. 15, 2014 – 12:13 am

Continuing to claw their way back from the 2008 market crash, California’s two giant public pension funds said Monday they each earned more than 18 percent on their investments in the just-ended fiscal year.

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CCTimes (AP): Former CalPERS CEO pleads guilty to bribery, fraud

calpers

By Paul Elias, Associated Press
Posted: 07/11/2014 12:10:10 PM PDT
Updated: 07/11/2014 03:46:48 PM PDT

SAN FRANCISCO — The former head of the nation’s largest pension fund admitted Friday that he took bribes, including hundreds of thousands of dollars stuffed in paper bags and a shoe box, and helped an associate collect millions in a fraudulent investment scheme.

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US Bankruptcy Court

By Dale Kasler
dkasler@sacbee.com
Published: Tuesday, Jul. 8, 2014 – 11:03 pm
Last Modified: Wednesday, Jul. 9, 2014 – 7:32 am

Government pensions were once considered untouchable, ironclad, off limits even if the employer went bankrupt.

On Tuesday, a federal bankruptcy judge in Sacramento inched closer to changing all that. Commenting during a hearing on Stockton’s bankruptcy case, U.S. Bankruptcy Judge Christopher Klein suggested that employees and retirees could have their pensions reduced to facilitate the city’s financial reorganization.

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UTSanDiego: CalPERS ‘victory’ a warning to uppity cities

San Bernardino Sign

A San Bernardino sign on I-10 East is seen on Wednesday, July 11, 2012 in San Bernardino, Calif. The San Bernardino city council voted Tuesday night in favor of the city filing for bankruptcy. (AP Photo/Grant Hindsley)

San Bernardino’s deal means pensions off bankruptcy table
By Steven Greenhut1:47 p.m.July 7, 2014

SACRAMENTO — The nation’s largest pension fund, the California Public Employees’ Retirement System, has racked up another victory in its effort to halt any effort by municipalities to get out from under their crushing pension obligations.

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Calpensions: Brown pension reform still has missing pieces

Pension Reform

By Ed Mendel
Monday, July 7, 2014

A bill that started out as Gov. Brown’s proposal to restructure the CalPERS board emerged from the Legislature last week as a more modest change: a requirement that CalPERS board members receive 24 hours of education in pension fund operations.

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OCRegister: O.C. Grand jury finds $3.3 billion retirement hole

Pension Reform

Solutions to filling the void in pension-benefit funding often pit unions against city officials.

By TERI SFORZA / STAFF COLUMNIST
Published: July 5, 2014 Updated: July 6, 2014 8:45 a.m.

So let’s start with the bracing news: Orange County cities have promised their workers more than $3.3 billion in retirement benefits that they do not have.

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LATimes: Teachers’ checks shrink a bit as California tackles pension shortfall

Calstrs

Chris Megerian
June 28, 2014

When fifth-grade teacher Maggie Ellis receives her next paycheck at the end of the month, it will be a bit lighter. That’s because she’ll be contributing more money to the teacher pension fund, a small part of a sweeping, long-term plan to repair one of the state’s most difficult financial problems.

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SacBee: Jerry Brown signs teacher pension fund bill

calstrs

Capitol Alert
The latest on California politics and government
June 24, 2014

Gov. Jerry Brown signed legislation Tuesday to begin paying down an estimated shortfall of more than $74 billion in the California State Teachers’ Retirement System, acting on the last of a raft of budget-related bills ahead of the July 1 start of the next fiscal year.

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Calpensions: San Bernardino cuts deal to pay CalPERS debt

San Bernardino Sealcalpers

By Ed Mendel
Monday, June 23, 2014

Bankrupt San Bernardino announced an agreement with CalPERS last week to pay off an unprecedented pension debt owed for skipping payments to the pension fund for a year — $13.5 million, plus several million more in penalties and interest.

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SacBee: CalPERS has interim agreement in San Bernardino bankruptcy case

San Bernardino Seal

By Dale Kasler
dkasler@sacbee.com
Published: Wednesday, Jun. 18, 2014 – 8:55 pm

CalPERS and bankrupt San Bernardino have reached an “interim agreement” that could head off a major legal battle over bankruptcy debts and the ironclad status of public pensions, the city reported.

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Calpensions: CalSTRS gets $5 billion increase over seven years

Calstrs

By Ed Mendel
Wednesday, June 18, 2014

Full funding of the troubled California State Teachers Retirement System was approved by the Legislature last weekend, with most of the additional $5 billion coming from school districts that get no offsetting money from the state.

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calpers

By Dale Kasler
dkasler@sacbee.com
Published: Tuesday, Jun. 17, 2014 – 10:25 pm

CalPERS’ health care premiums are going up again for hundreds of thousands of public employees and their families, although 40 percent of CalPERS members will see their rates decline.

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Calpensions: Stockton bankruptcy judge may issue two rulings

Gavel-Legal

By Ed Mendel
Monday, June 9, 2014

Stockton filed a revised debt-cutting plan last week that could lead to a deal with a holdout creditor, Franklin bonds, possibly enabling the city to emerge from bankruptcy without cutting pensions.

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Calpensions: New step to expose hidden retiree health debt

Calculator

By Ed Mendel
Monday, June 2, 2014

A decade ago new accounting rules directed state and local governments to begin calculating and reporting debt owed for health care promised retirees, which for state workers turned out to be more than the debt owed for pensions.

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SacBee: CalPERS lawsuit against Wall Street ratings agencies survives

calpers

By Dale Kasler
dkasler@sacbee.com
Published: Tuesday, May. 27, 2014 – 11:02 am

CalPERS has defeated a bid by Wall Street’s leading credit ratings agencies to toss out the pension fund’s lawsuit over a $1 billion investment loss.

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