Archive for the ‘ Pensions ’ Category

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.

Read the rest of this entry »

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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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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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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

Municipal Bonds

Published: April 13, 2016 – 8:09 a.m.

Puerto Rico, Atlantic City and Chicago school district bondholders have reason to fear a fight in court if the ailing governments collapse financially: recent cases show that when municipalities go broke, investors lose when pitted against municipal retirees.

To read article in The Press-Enterprise, click here.

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.

Read the rest of this entry »

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.

Read the rest of this entry »

John Moorlach

Sen. John Moorlach (R-Costa Mesa), second from right, bids farewell to fellow lawmakers at the end of the Senate floor session in Sacramento on Sept. 11, 2015. Moorlach is a leading voice in the Legislature against skyrocketing debt being piled up by public pension systems. (Marcus Yam / Los Angeles Times)

By Patrick McGreevy
April 10, 2016

Republican state Sen. John Moorlach of Costa Mesa has emerged as a leading voice in the Legislature against skyrocketing debt piled up by public pension systems.

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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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Calpensions: No Social Security raise, but pensions up 1.5-4%

Pensions

By Ed Mendel
March 21, 2016

Social Security recipients get no raise this year because inflation last year was near zero. But more than half of CalPERS pensions will get a raise in May of 1.5 to 4 percent.

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The Sacramento Bee: California’s pension debt puts it $175.1 billion in the red

Debt

Capitol Alert
By Dan Walters
dwalters@sacbee.com
March 18, 2016 12:07 PM

  • New accounting standards require pensions to be on balance sheet
  • The rules will also require health care obligations to be listed
  • Pension reformers praise inclusion as helping their cause

Although its 2014-15 budget was balanced, California’s state government ended the fiscal year $175.1 billion in the red, thanks largely to state retirement obligations that had to be included in its balance sheet for the first time.

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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U.S. Treasury Building

Contributions to the Treasury Department’s MyRA program can be made through direct deposit from a paycheck or a banking account. Treasury Secretary Jack Lew said the department is emphasizing the program in hopes that people will use some of their tax returns to begin saving for retirement. (J. David Ake / Associated Press)

Sarah D. Wire
March 11, 2016

A recent study shows nearly half of California workers don’t have a retirement savings plan available at work, and the U.S. Treasury Department is hoping a new no fee, no minimum deposit retirement saving program will fill the gap.

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Calpensions: Judges win lawsuit as pension conflicts continue

Pensions

By Ed Mendel
February 29, 2016

A superior court judge has awarded judges back pay and a pension increase, ruling that a five-year freeze on their salary did not keep pace with average increases in state worker pay, a requirement under state law.

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The San Francisco Chronicle: California’s $400 billion debt worries analysts

Debt

By Melody Gutierrez
February 6, 2016
Updated: February 6, 2016 – 2:53pm

SACRAMENTO — California has come a long way to dig itself out of budget deficits, but the state remains on shaky ground due to nearly $400 billion in unfunded liabilities and debt from public pensions, retiree health care and bonds, financial analysts say.

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 »

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.

Read the rest of this entry »

The Sacramento Bee: Dan Walters: California’s big benefit debt load will grow

Dan Walters

By Dan Walters
dwalters@sacbee.com
January 19, 2016 3:42 PM

  • Unfunded retirement costs at least $200 billion
  • Latest pension reform effort collapses
  • Benefit debt is destined to grow even larger

With no thought to long-term financial consequences, California politicians, both state and local, have saddled taxpayers with hundreds of billions of dollars in debt for pensions and retiree health care.

Read the rest of this entry »

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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The Sun: Retired San Bernardino police oppose cuts to pension

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 01/05/16 – 5:46 PM PST |

SAN BERNARDINO >> Unlike every other retiree in this and other bankrupt California cities, 23 retired San Bernardino police officers would lose part of their pension in the city’s bankruptcy plan — and they’re going public with their opposition to those cuts.

Read the rest of this entry »

Paul Ryan

House Speaker Paul D. Ryan (R-Wis.) on Capitol Hill. (J. Scott Applewhite / Associated Press)

Lisa Mascaro
December 17, 2015

By approving a massive package of tax breaks Thursday, House Republicans — who have made deficit-slashing the holy grail of their majority — just piled on nearly $650 billion in red ink.

Read the rest of this entry »

Jon Ortiz

By Jon Ortiz
jortiz@sacbee.com
December 10, 2015

  • Proponents will poll language to gauge likelihood of success
  • Decision whether to proceed likely by mid-January
  • Unions vow to ‘throw the kitchen sink’ at either proposal

California moved one step closer to a public retirement fight after the state issued official summaries for two pension-change ballot proposals on Thursday – and for the first time neither labor unions nor the measures’ proponents griped that the language was politically slanted or inaccurate.

Read the rest of this entry »

The Sacramento Bee: Dan Walters: State has pension dilemma

Dan Walters

By Dan Walters
walters@sacbee.com
December 5, 2015

  • Most California workers lack retirement plan
  • New state programs will try to close the gap
  • Secure Choice faces many hurdles

California has long prided itself on having an upwardly mobile, egalitarian gestalt, so there’s much irony in its evolution into a two-tiered society.

Read the rest of this entry »

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 »

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 »

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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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 »

The Press-Enterprise: PENSIONS: Public, private gap criticized

Pensions

A new report finds that the average taxpayer-funded pension for an Inland government retiree with at least 30 years of service far exceeds the average Inland worker’s pay.

Published: Oct. 6, 2015 – 8:55 a.m.

It pays to retire from an Inland Southern California government job, an open-records advocacy group says.

Many retired Inland public employees receive pensions far exceeding the typical full-time Inland worker’s annual salary, according to a study released today by Transparent California, which has ties to a conservative think tank. But some critics took issues with the group’s findings, saying the math was skewed to reflect the group’s anti-union stance.

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

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 »

Lou Desmond

Monday, August 17, 2015 – 05:00 p.m.

The Lou Desmond and Company Show is broadcasting from the Toyota of San Bernardino Recording Studios!

On the show today, Estimable Economist Jay Prag joins Lou on the show. First, NPR featured a story about children in San Bernardino who grow up in motels described as “meth addict summer camp.” What do stories like these do for the city’s image?

Read the rest of this entry »

The Sacramento Bee: Dan Walters: Kamala Harris’ summary miscasts measure

Dan Walters

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

  • Proposal would let voters decide on new pension benefits
  • But summary says it would affect current pensions
  • Harris’ action sets stage for political battle next year

Kamala Harris is not only California’s attorney general, but a very ambitious politician who hopes to become a U.S. senator.

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 »

Ballot Measures

Judy Lin, Associated Press
Tuesday, August 11, 2015 – Updated 11:14 pm

SACRAMENTO, Calif. (AP) — Proponents of a California pension initiative said Tuesday that state Attorney General Kamala Harris is once again favoring labor unions by using the same words she used to describe their previous failed bid to limit taxpayer spending on public pensions.

Read the rest of this entry »

Calpensions: Pension initiative ballot summary draws crossfire

Pensions

Ed Mendel
Wednesday, August 12, 2015

The authors of an initiative giving voters the power to decide whether new government employees get pensions said they will “commission a legal review” of the ballot summary issued yesterday by Attorney General Kamala Harris.

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 »

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 »

Jon Ortiz

The State Worker
By Jon Ortiz
jortiz@sacbee.com
July 29, 2015

  • Plan lowers cost of traditional pension plans, retiree health care
  • Creates ‘offsetting’ costs to close pension plans, pressure to increase pay
  • Voter approval for compensation will mean ‘different outcomes at the bargaining table’

Legislative Analyst Mac Taylor said this week he doesn’t know what would happen if a new public pension ballot proposal becomes law.

Read the rest of this entry »

METRO

By Daniel Borenstein, Staff Columnist
Posted: 07/24/2015 – 04:00:00 PM PDT

Although public employee pension plans across California are badly underfunded, union leaders have expressed little concern about the security of workers’ retirement pay.

Read the rest of this entry »

Dan Walters

By Dan Walters
dwalters@sacbee.com
July 25, 2015

  • Two proposed ballot measures use same strategy
  • They are aimed at voter approval for pensions, Delta tunnels
  • Opponents would be forced to argue public shouldn’t have a vote

It’s no secret that the Legislature’s dominant Democrats want to make it more difficult to place initiative measures on the statewide ballot.

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.

Union Democrat (AP): California clears hurdle for state-run retirement program

California Seal

AP California News
By JUDY LIN
Associated Press
Jul 13, 4:59 PM EDT

SACRAMENTO, Calif. (AP) — California can proceed with setting up a state-run savings program for private-sector workers who don’t have access to retirement plans at work, under a rule change ordered by President Barack Obama on Monday.

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
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 »

Daily Press: Budget talks stall amid pension concerns

Victorville

Victorville Mayor Pro Tem Jim Cox called Tuesday for city officials to first iron out details of the city’s $199 million spending plan June 9 before voting to approve the budget.

By Shea Johnson
Staff Writer

Posted Jun. 4, 2015 at 2:22 PM
Updated Jun 4, 2015 at 4:49 PM

VICTORVILLE — The City Council this week extended budget talks to June 9 after Mayor Pro Tem Jim Cox suggested officials iron out details of a draft $199 million spending plan, including concerns raised by employees over changes to benefits.

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 »

Upland seal

By Liset Marquez, Inland Valley Daily Bulletin
Posted: 06/01/15 – 8:21 PM PDT |

UPLAND >> The city could find itself in a deficit by 2017 — driven mainly by increasing pension costs — if it doesn’t take corrective action soon.

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.

Read the rest of this entry »

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 Sun: San Bernardino County CEO gives 5-year budget forecast

Greg Devereaux

Devereaux

By Joe Nelson, The Sun
Posted: 05/12/15, 6:53 PM PDT |

San Bernardino County will enter the next fiscal year on July 1 with $4.7 billion on hand for infrastructure projects and some services cut during the Great Recession, but the county has quite a ways to go before it can start loosening its fiscal belt.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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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Calpensions: CalPERS state worker rate increase: $487 million

calpers

By Ed Mendel
April 9, 2015

Actuaries recommend a $487.2 million annual increase in state payments to CalPERS in the new fiscal year that begins in July, an increase for state worker pensions of about 10 percent to $4.9 billion.

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Reuters: Bankrupt San Bernardino reveals details of deal with Calpers

San Bernardino Seal

Reuters

LOS ANGELES | By Tim Reid
Thu Mar 26, 2015 – 6:28pm EDT

(Reuters) – The bankrupt California city of San Bernardino revealed on Thursday details of its deal with the state’s public pension system Calpers, in which the retirement fund will be paid in full under the city’s bankruptcy exit plan.

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National Journal: What Californians Could Spend $100 Million Fighting Over in 2016

Money

California is set to host a big-money contest over union pensions.(KAZUHIRO NOGI/AFP/Getty Images)

National Journal

State labor unions say they’ll spend whatever it takes to defeat a ballot measure on government pensions.

By Jack Fitzpatrick
March 19, 2015

Last week, pension-reform advocates in California announced plans to again push a 2016 ballot measure that would pave the way for cuts to public employees’ pension plans. The move sets the stage for a clash between organized labor and fiscal conservatives whose price tag could rival even the most expensive of Senate races.

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Reuters: Exclusive: San Bernardino has defaulted on $10 million in bond payments

File photo of cracked tarmac is seen in the parking lot of a largely abandoned shopping mall in San Bernardino

Cracked tarmac is seen in the parking lot of a largely abandoned shopping mall in San Bernardino, California in this January 23, 2015 file photo. (Reuters/Lucy Nicholson/Files)

By Tim Reid
Tue Mar 17, 2015 – 10:52pm EDT

Los Angeles —

(Reuters) – The southern California city of San Bernardino has defaulted on nearly $10 million in payments on its privately placed pension bond debt since it declared bankruptcy in 2012, according to documents seen by Reuters.

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Calpers

The California Public Employees’ Retirement System’s headquarters is in Sacramento. (Carl Costas / For The Times)

By Melody Petersen
March 17, 2015

As millions of private employees lost their pension benefits in recent years, government workers rested easy, believing that their promised retirements couldn’t be touched.

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Sacramento Bee: San Bernardino defends CalPERS payment plan in bankruptcy

San Bernardino Seal

By Dale Kasler
dkasler@sacbee.com
03/16/2015 7:52 PM

Defending its plan to fully repay its debts to CalPERS, the bankrupt city of San Bernardino has asked a judge to dismiss a lawsuit by creditors demanding equal treatment.

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METRO

By Daniel Borenstein, Staff Columnist
Posted: 03/15/2015 – 04:00:00 PM PDT

Public employee unions repeatedly insist that workers’ pension funds need not be fully funded, that a target of 80 percent is fine.

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