Archive for the ‘ Pensions ’ Category

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.

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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.

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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.”

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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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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!

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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:

Read the rest of this entry »

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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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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