Archive for the ‘ CalPERS ’ Category

calpers

John Myers
Sept. 20, 2016 – 2:47 p.m.

The retiring forecaster for California’s largest public employee pension fund offered some final advice on Tuesday: State and local governments should be required to pay more into the system as soon as next year.

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Dan Walters

By Dan Walters
dwalters@sacbee.com
September 11, 2016 – 4:00 AM

The “unfunded liabilities” of state and local pension funds are California’s biggest unresolved political issue – at least in financial terms.

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Calpensions: Dissident actuaries want to show big pension debt

calpers

Ed Mendel
August 15, 2016

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

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red-ink

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

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

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

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Calpensions: CalPERS funding gap may grow under new trend

calpers

By Ed Mendel
Monday, August 1, 2016

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

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Dan Walters

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

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

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

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Dan Walters

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

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

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

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calpers

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

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

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

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Calpensions: As CalPERS exits hedge funds, CalSTRS adds more

Hedge Fund

By Ed Mendel
July 18, 2016

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

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Dan Walters

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

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

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

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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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InlandPolitics: Pension fund resorts to 30 year performance measure

SBCO

Thursday, June 16, 2016 – 12:00 p.m.

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

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Calpensions: CalPERS ex-CEO sentenced, but probe continues

calpers

By Ed Mendel
June 6, 2016

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

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Calpensions: Unions seek school pension ‘death benefit’ hike

Pensions

By Ed Mendel
May 23, 2016

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

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Calpensions: Why bankrupt San Bernardino didn’t cut pensions

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 Sacramento Bee: CalPERS sets higher pension contribution rates

calpers

Pension fund says rate hike smaller than expected

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

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

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No Money

By Dale Kasler
Business & Real Estate
April 12, 2016 3:29 PM
dkasler@sacbee.com

  • Bankruptcy judge says estate of Alfred Villalobos lacks money to pay money owed state
  • Villalobos commited suicide in January 2015
  • Villalobos’ fortune overstated

RENO —

The late Alfred Villalobos, the central figure in the CalPERS bribery case, always insisted he did nothing wrong and he didn’t owe the state of California a dime.

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Pension-Fund

Ed Mendel
April 14, 2016

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

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

Pensions

Ed Mendel
April 11, 2016

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

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The Sacramento Bee: CalPERS rethinks ban on tobacco stocks

calpers

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

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

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

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Calpensions: Annual state report begins showing pension debt

Pension Reform

By Ed Mendel
March 28, 2016

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

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CalWatchdog: CalPERS has faith in imperiled energy status quo

calpers

Chris Reed
March 28, 2016

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

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The Sacramento Bee: CalPERS makes big California solar investment

calpers

Business & Real Estate
By Dale Kasler

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

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

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

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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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Los Angeles Times: CalPERS and other big investors sue VW for $3.57 billion

VW

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

Associated Press
March 15, 2016

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

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

calpers

James Rufus Koren
March 9, 2016

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

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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 Sacramento Bee: CalPERS makes huge New York real estate deal

calpers

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

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

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

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

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Los Angeles Times: CalPERS shelves controversial private equity policy

calpers

Melody Petersen
December 14, 2015

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

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The Sacramento Bee: Dan Walters: Our cities have become vulnerable

Dan Walters

By Dan Walters
dwalters@sacbee.com
November 29, 2015

  • Bankruptcies and scandals showed danger
  • Pension burdens one major factor
  • Auditor to monitor local governments

The bankruptcies of three cities and high-profile financial scandals in a couple of others demonstrated the operational vulnerabilities of California’s municipalities.

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

Calpers

.

Bloomberg Business

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

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

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InlandPolitics: Opinion: Jerry Brown right on CalPERS funding problem

Jerry Brown

Brown

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

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

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

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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.

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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.

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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.

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Los Angeles Times: Experts defend CalPERS’ private equity investments

calpers

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

Dean Starkman Dean Starkman
November 16, 2015

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

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Calpensions: CalPERS shifts focus to avoiding another big loss

Calpers

By Ed Mendel
Monday, October 26, 2015

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

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calpers

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

Dean Starkman
October 23, 2015

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

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

calpers

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

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

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

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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.

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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.

Calpensions: New CalPERS dispute over private equity fees

calpers

By Ed Mendel
September 21, 2015

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

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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.

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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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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.

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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.

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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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calpers

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

By Dean Starkman
August 3, 2015

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

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Riverside-County-Seal

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

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

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

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

Calpers

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

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

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

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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.

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calpers

By Dean Starkman
Monday, July 13, 2015

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

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

calpers

Business & Real Estate

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

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

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

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Calpensions: New rules try to spotlight hidden retirement debt

Pension Reform

By Ed Mendel
June 29, 2015

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

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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.

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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.

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calpers

The California Public Employees’ Retirement System spends $8 billion annually on healthcare for 1.4 million employees, retirees and dependents.

By Chad Terhune
June 18, 2015

  • CalPERS: HMO rates are rising 7.2% for 2016; PPO premiums are up 10.8%
  • CalPERS pins higher premium increases on rising drug costs, including hepatitis C drug Sovaldi

Citing higher drug prices, the California Public Employees’ Retirement System said its HMO premiums are rising by 7.2% next year.

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.

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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.

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

calpers

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

By Dean Starkman
June 8, 2015

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

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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.

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

Pensions

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

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

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

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Calpensions: San Bernardino exit plan cuts some pension costs

San Bernardino Seal

By Ed Mendel
May 26, 2015

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

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The Sun: San Bernardino council approves bankruptcy plan, 6-1

San Bernardino Seal

By Ryan Hagen, The Sun
POSTED: 05/18/15 – 8:55 PM PDT |

SAN BERNARDINO >> A full-court press by the city’s administrators, consultants and allies from the community convinced six of the seven council members Monday that it was vital to pass the Plan of Adjustment, pushing the city into the next stage of its nearly three-year bankruptcy.

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The Sacramento Bee: Opinion: New school money kills old excuses

Dan Walters

Dan Walters
May 16, 2015
dwalters@sacbee.com

Gov. Jerry Brown’s revised 2015-16 budget sharply increases spending on California’s 6-plus million elementary and high school students.

Read the rest of this entry »

The Sun: San Bernardino plans huge reductions in bankruptcy plan

Bankruptcy Court

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

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

Read the rest of this entry »

The Sacramento Bee: CalPERS wins ruling in San Bernardino bankruptcy

San Bernardino Seal

Judge allows city to make pension payments

By Dale Kasler
dkasler@sacbee.com

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

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The Sacramento Bee: Why CalPERS retirees flee California

Las Vegas

Las Vegas has the most Golden State transplants

Jon Ortiz

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

About 15 percent of CALPERS pensioners live outside California

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

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Jon Ortiz

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

He’s at it again.

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

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

calpers

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

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

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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 »

METRO

By Daniel Borenstein
Posted: 04/02/2015 – 08:27:25 AM PDT
Updated: 04/02/2015 – 09:38:48 AM PDT

Unless it alters its current funding structure, CalPERS will be even more vulnerable to market losses in the next economic downturn than it was during its devastating plunge in the Great Recession.

Read the rest of this entry »

Calpensions: CalPERS urged to avoid Obamacare ‘Cadillac Tax’

Obamacare

By Ed Mendel
March 30, 2015

Employer and employee groups are urging CalPERS to “undertake all efforts” to avoid the “Cadillac Tax,” a 40 percent tax on high-cost health plans imposed in 2018 by President Obama’s health care law, a CalPERS staff report said this month.

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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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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 »

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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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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SacBee: California’s top political ethics cop resigns

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By Laurel Rosenhall
lrosenhall@sacbee.com
02/03/2015 9:54 PM

The top cop for California’s political ethics agency is leaving the Fair Political Practices Commission, marking the second departure of an executive staff member in less than three weeks.

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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’

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

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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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