Archive for the ‘ CalPERS ’ Category

calpers

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

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

It’s also been rather profitable.

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SacBee: CalPERS, CalSTRS report 18 percent profit on investments

calpers

calstrs

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

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

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Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Monday, Jul. 14, 2014 – 12:00 am

Ever since Stockton filed for bankruptcy two years ago, Judge Christopher Klein has strongly hinted that he’s willing – perhaps even eager – to declare that city employee pension obligations are debts that could be trimmed along with those of more conventional creditors.

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

calpers

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

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

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US Bankruptcy Court

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

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

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

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UTSanDiego: CalPERS ‘victory’ a warning to uppity cities

San Bernardino Sign

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

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

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

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Calpensions: Brown pension reform still has missing pieces

Pension Reform

By Ed Mendel
Monday, July 7, 2014

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

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

Pension Reform

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

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

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

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Calpensions: San Bernardino cuts deal to pay CalPERS debt

San Bernardino Sealcalpers

By Ed Mendel
Monday, June 23, 2014

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

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SacBee: CalPERS has interim agreement in San Bernardino bankruptcy case

San Bernardino Seal

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

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

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SacBee: CalPERS health premiums for 2015 a mix of hikes, cuts

calpers

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

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

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Calpensions: New step to expose hidden retiree health debt

Calculator

By Ed Mendel
Monday, June 2, 2014

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

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SacBee: CalPERS lawsuit against Wall Street ratings agencies survives

calpers

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

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

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The Sun: CalPERS, San Bernardino agree to delay bankruptcy appeal

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 05/17/14, 10:10 PM PDT |

CalPERS has again agreed to push back its appeal of San Bernardino’s bankruptcy eligibility and cancel an August hearing in the 9th U.S. Circuit Court of Appeals, saying in a joint filing with the city that the delay is “critical to the success of the ongoing mediation.”

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SacBee: Dan Walters: Pensions back on the agenda in Stockton’s bankruptcy

Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Thursday, May. 15, 2014 – 6:16 pm

From the onset of Stockton’s journey through bankruptcy, Judge Christopher Klein has implied, both through comments and rulings, that he sees it as a potential test of whether public employee pensions are debts that could be reduced.

Read the rest of this entry »

calpers

By Dale Kasler
dkasler@sacbee.com
Published: Wednesday, May. 14, 2014 – 10:50 pm

When the bankrupt city of Stockton unveiled its plan to reorganize its debts last fall, it spread the financial pain among a host of bondholders. CalPERS was spared, and a potentially bloody fight over the sanctity of pension benefits was avoided.

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The Sun: Mediation pace criticized in San Bernardino bankruptcy

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 05/08/14, 7:41 PM PDT |

RIVERSIDE >> Continued assurances from San Bernardino and CalPERS that mediation is going well, without further details, are threatening to wear out the patience of the city’s fire union, police union and perhaps the bankruptcy judge handling the case, it was reported in court Thursday.

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CalPERS

By Jon Ortiz
jortiz@sacbee.com
Published: Thursday, May. 1, 2014 – 12:00 am

Ten years. Enough time for a U.S. Treasury note to mature or a kid to start fifth grade.

And, as The Sacramento Bee reported last weekend, that’s also how long a Southern California public power executive worked full time and drew his government pension before CalPERS discovered the illegal arrangement. Why did it go on for so long?

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Calpensions: CalPERS board splits on pension ‘spiking’ rule

calpers

By Ed Mendel
Monday, April 28, 2014

When government workers are temporarily promoted shortly before retirement, do they get the same pension increase as a permanent worker in the job — or would that open the door for “spiking,” the intentional tweaking of final pay to boost pensions?

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The Sun: CalPERS appeal of bankruptcy pushed back

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 04/21/14, 7:03 PM PDT |

Progress in confidential mediation between San Bernardino and the California Public Employees’ Retirement System is promising enough that an aggressive schedule for briefs in CalPERS’ appeal of the city’s bankruptcy has been pushed back.

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LATimes: CalPERS board member under scrutiny again for late financial reports

calpers

Priya Mathur, a longtime member of the California Public Employees’ Retirement System Board of Administration, is in trouble again with the Fair Political Practices Commission for failing to file timely reports.

By Marc Lifsher
April 20, 2014, 4:37 p.m.

SACRAMENTO — A longtime board member of the country’s largest public pension fund is in trouble again with California’s political watchdog.

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Calpensions: Pensions still cloud Stockton bankruptcy exit

Pension Reform

By Ed Mendel
Monday, April 21, 2014

With a new twist, Stockton’s plan to leave a huge pension debt untouched was still an issue last week as the city council, hoping to end a two-year bankruptcy, approved settlements for 95 percent of the claims.

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The Sun: San Jose mayor warns Claremont audience of pension ‘crisis’

Pension Reform

By Ryan Hagen, The Sun
Posted: 04/17/14, 10:54 PM PDT | Updated: 16 secs ago

CLAREMONT >> Skyrocketing pension costs threatened San Jose’s ability to pay for services and will have the same effect in cities and counties up and down the state if changes aren’t made, that city’s mayor told students and others at Claremont McKenna College on Thursday night.

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Calpensions: CalPERS hikes rate $459 million, funding still low

calpers

By Ed Mendel
Thursday, April 17, 2014

The CalPERS board approved a major rate hike yesterday, $459 million, to replenish state worker pension funds that remain low, even though the stock market has rebounded from a post-crash low five years ago.

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Calpensions: Suit seeks back pay, pension boost for all judges

Gavel-Legal

By Ed Mendel
Monday, March 31, 2014

A class-action lawsuit contends that California judges are owed back pay and a pension increase because their salary, frozen for five years, did not keep pace with average increases in state worker pay as required by law.

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Calpensions: Vallejo bankrupt again? ‘We are not going there’

By Ed Mendel
Monday, March 17, 2014

The Vallejo city council last week voted to close a $5.2 million gap in the current budget, showing no alarm that in a five-year forecast the gap reopens, mainly driven by rising pension costs.

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SacBee: CalPERS, bankrupt San Bernardino report progress in funding talks

calpers

By Dale Kasler
dkasler@sacbee.com
Published: Thursday, Mar. 13, 2014 – 3:47 pm

CalPERS and the bankrupt city of San Bernardino, headed for a possible legal showdown over pension contributions, said this week they’ve made headway in mediation talks.

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LATimes: Estimate of how much state owes for retiree healthcare keeps rising

adding_machine

By Chris Megerian
March 6, 2014, 9:18 a.m.

SACRAMENTO — While lawmakers begin discussing ways to fix California’s cash-strapped teacher pension system, another long-term financial problem continues to fester.

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The Sun: CalPERS can appeal San Bernardino bankruptcy eligibility

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 02/27/14, 8:12 PM PST |

San Bernardino’s largest creditor has permission from the 9th U.S. Circuit Court of Appeals to appeal a bankruptcy judge’s finding that the city is eligible for bankruptcy protection, raising the potential that the court could reverse the 2012 ruling that city officials then called vital for the city’s protection.

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SacBee: Moody’s warns bankrupt cities they must cut pension debts

Moody's Ratings

Capitol Alert
The latest on California politics and government
February 20, 2014

Moody’s Investors Services, a major bond rating house, warned Thursday that if bankrupt California cities don’t reduce their pension obligations, they risk returning to insolvency.

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DailyBulletin: California’s pension increases were expected, not welcomed

calpers

By Ryan Hagen, San Bernardino Sun
Posted: 02/19/14, 7:25 PM PST |

Leaders of local governments said Wednesday they had been preparing for the increased pension payments they’ll have to pay because of revised assumptions the California Public Employees’ Retirement System board made Tuesday — but hadn’t grown any more comfortable with the sacrifices it will cause.

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Calpensions: CalPERS rate hike: governor wins, cities lose

calpers

By Ed Mendel
Wednesday, February 19, 2014

A divided CalPERS board yesterday approved a faster rate hike for the state urged by Gov. Brown, but opposed by unions. A proposal to give struggling cities the option of more time to phase in the rate hike, seven years instead of five, was rejected.

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Photo: CalPERS board

The Governing Board of the California Public Employees Retirement System. (Calpers)

Article by: FENIT NIRAPPIL , Associated Press
Updated: February 16, 2014 – 10:50 AM

SACRAMENTO, Calif. — A rift between Gov. Jerry Brown and the board overseeing the nation’s largest public pension fund over rising liabilities tied to longer retiree life expectancies highlights a concern about how decisions are made at an agency with tremendous influence over state finances.

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SacBee: CalPERS poised to raise rates, but not on Brown’s timetable

calpers

By Dale Kasler
dkasler@sacbee.com
Published: Wednesday, Feb. 12, 2014 – 10:28 pm

CalPERS and Gov. Jerry Brown agree the pension fund needs to significantly raise its contribution rates to keep up with ever-increasing life expectancies.

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METRO

Daniel Borenstein

By Daniel Borenstein, Staff Columnist
Posted: 02/07/2014 12:00:00 PM PST
Updated: 02/09/2014 08:10:25 AM PST

Kudos to Gov. Jerry Brown for demanding last week that CalPERS stop kicking pension debt further down the road. Too bad he hasn’t applied the same standard to the CalSTRS shortfall.

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Calpensions: Faster rate hikes sought for CalPERS and CalSTRS

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calstrs

By Ed Mendel
Thursday, February 6, 2014

Gov. Brown yesterday urged CalPERS to speed up a $1.2 billion rate increase needed because workers are living longer. Assembly Speaker John Perez said last week he wants to speed up a $4.5 billion CalSTRS rate hike plan, acting this year not next year as the governor suggested.

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CCTimes: Daniel Borenstein: Time for CalPERS to get real about life expectancy

METRO

Daniel Borenstein

Daniel Borenstein, staff columnist
Posted: 01/17/2014 01:43:25 PM PST
Updated: 01/17/2014 02:51:52 PM PST

State and local governments face more pension rate increases as the nation’s largest retirement fund continues to fix its flawed accounting, this time by acknowledging that future generations will live longer.

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SacBee: CalPERS reports higher investment gains

calpers

By Dale Kasler
dkasler@sacbee.com
Published: Monday, Jan. 13, 2014 – 11:35 pm

CalPERS reported its best annual investment gains in a decade Monday, a development that could alter the political climate as another fight looms over pension reform.

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SacBee: CalPERS says it will kill pension database project

By Jon Ortiz
jortiz@sacbee.com
Published: Monday, Jan. 13, 2014 – 9:10 pm
Last Modified: Monday, Jan. 13, 2014 – 11:38 pm

A controversial project to put hundreds of thousands of government retirees’ pension data on the Internet is virtually dead.

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Dan Walters

Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Sunday, Dec. 15, 2013 – 12:00 am

Assembly Speaker John A. Pérez summoned reporters to the Capitol last week to unveil what he called a “blueprint for a responsible budget.”

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The Sun: U.S. District judge certifies CalPERS appeal of San Bernardino bankruptcy

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 12/13/13, 12:04 PM PST |

LOS ANGELES >> U.S. District Judge Dolly Gee agreed Friday to let San Bernardino’s largest creditor appeal directly to the 9th Circuit Court of Appeals, opening another front in the battle between the city and the California Public Employees’ Retirement System.

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The Sun: San Bernardino, creditors cite progress on bankruptcy issues

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 12/10/13, 8:11 PM PST |

RIVERSIDE >> Progress in mediation, progress on fixing an unexpectedly thorny problem with retirement records, progress on producing financial documentation — all were reported in an unusually conflict-free hearing among the city and its creditors Tuesday in U.S. Bankruptcy Court.

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The Sun: Ruling in Detroit could affect San Bernardino bankruptcy case

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 12/08/13, 5:38 PM PST |

SAN BERNARDINO >> A Detroit bankruptcy judge’s decision that pensions can be cut in a bankruptcy case might increase the possibility that the same could be done here.

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pensions

By Ed Mendel
Monday, December 9, 2013

Following the city charter, a reluctant San Bernardino city council last week approved a police pay raise costing about $1 million, the second $1 million police salary increase since the city filed for bankruptcy last year.

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The PE: SAN BERNARDINO: Bankruptcy ruling could affect union pension agreements

Patrick Morris

San Bernardino Mayor Pat Morris / File Photo

December 03, 2013; 06:46 PM

A decision in Detroit’s bankruptcy case allowing pension benefits to be cut could have a major impact on San Bernardino’s attempts to get out of insolvency.

To read story by Imran Ghori in The Press-Enterprise, click here.

By Dale Kasler
dkasler@sacbee.com
Published: Tuesday, Dec. 3, 2013 – 9:13 am

It was a gold-plated promise: A career in government meant a safe and sound pension, no matter what.

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Calpensions: Would Stockton plan avoid Vallejo-like deficit?

By Ed Mendel
Mondaya, November 25, 2013

A federal judge last week set a hearing on approval of Stockton’s plan to exit bankruptcy for next March 5. But the hearing could turn into a multi-day trial if the city can’t cut a deal with the last holdout creditor, two Franklin bond funds.

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SacBee: JPMorgan settlement sends $300 million to CalPERS, CalSTRS

jpmorganchase2

Capitol Alert
The latest on California politics and government
November 19, 2013

California’s retirement funds for teachers and state employees will receive nearly $300 million from a sweeping settlement between the Justice Department and financial titan JPMorgan.

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Calpensions: CalPERS investment change unlikely to raise rates

pensions

By Ed Mendel
Monday, November 18, 2013

An increase in CalPERS employer rates from switching to a less risky but lower-yielding investment portfolio seemed unlikely after a two-day board workshop last week. A final decision may not be made until February.

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calpers

By Dale Kasler
dkasler@sacbee.com
Published: Sunday, Nov. 17, 2013 – 4:53 pm
Last Modified: Monday, Nov. 18, 2013 – 9:01 am

CalPERS suffered a setback in its fight with the city of San Bernardino, which owes the pension fund more than $14 million after filing for bankruptcy.

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The Sun: Judge dismisses CalPERS appeal of San Bernardino bankruptcy

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 11/15/13, 6:14 PM PST | Updated: 3 hrs ago

RIVERSIDE >> U.S. Bankruptcy Judge Meredith Jury on Friday dismissed CalPERS’ request that she certify the pension giant’s direct appeal to the 9th U.S. Circuit Court of Appeals, a decision that San Bernardino officials have said will save the city time and money in its already sprawling fight with CalPERS.

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The Sun: Bankruptcy judge to decide on CalPERS appeal by Friday

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 11/13/13, 7:36 PM PST |

RIVERSIDE >> U.S. Bankruptcy Judge Meredith Jury said Wednesday she will decide by Friday whether to certify CalPERS’ attempt to appeal her decision — that San Bernardino is eligible for bankruptcy protection — to the 9th U.S. Circuit Court of Appeals.

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Calpensions: No ceasefire in CalPERS war with San Bernardino

calpers

By Ed Mendel
Tuesday, November 12, 2013

CalPERS made two court filings last month after the San Bernardino city council approved a confidential draft of a plan to exit bankruptcy, as if stepping up opposition in reaction to something in the plan.

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Calpensions: CalPERS members live longer, may push up rates

calpers

By Ed Mendel
Monday, November 4, 2013

A new study shows CalPERS members are living longer. It’s the first step in a review of workforce changes and investment polices that could lead to higher contribution rates for employers and possibly employees.

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The Sun: CalPERS backs state in suit against San Bernardino

calpers

By Ryan Hagen, The Sun
Posted: 11/01/13, 6:56 PM PDT |

SAN BERNARDINO >> The city’s largest creditor on Friday added its firepower to another legal adversary that, like CalPERS itself, is trying to appeal a bankruptcy court’s decision favoring the city.

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The PE: RIVERSIDE: City errors found by CalPERS audit

city-of-riverside-seal

A routine compliance audit by the California Public Employees Retirement System found the city of Riverside incorrectly reported some information regarding employee pay and benefits.

October 30, 2013; 05:42 PM

Riverside made 13 types of errors in reporting employee pay and benefits to the California Public Employees Retirement System, a routine audit by the state retirement agency has found.

To read story by Alicia Robinson in The Press Enterprise, click here.

SacBee: CalPERS keeps pressure on San Bernardino

calpersSan Bernardino Seal

By Dale Kasler
dkasler@sacbee.com
Published: Wednesday, Oct. 23, 2013 – 4:31 pm
Last Modified: Thursday, Oct. 24, 2013 – 7:44 am

Pursuing San Bernardino for more than $14 million in overdue pension payments, CalPERS is renewing its challenge to the troubled city’s right to file for bankruptcy protection.

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SacBee: CalPERS renews bankruptcy fight with San Bernardino

calpers

By Dale Kasler
dkasler@sacbee.com
Published: Thursday, Oct. 17, 2013 – 6:28 pm
Last Modified: Friday, Oct. 18, 2013 – 6:40 am

Stepping up pressure on the city of San Bernardino, CalPERS said Thursday it will appeal a judge’s ruling that allowed the city to file for bankruptcy.

Read the rest of this entry »

Calpensions: Pension reform initiative would ‘empower’ cities

Pension Reform

By Ed Mendel
Monday, October 14, 2013

San Jose Mayor Chuck Reed may soon file a proposed statewide initiative aimed at allowing cuts in pensions earned by current workers in the future, triggering an all-out battle with labor and possibly with CalPERS.

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Calpensions: New focus on showing risk as CalPERS rates go up

calpers

By Ed Mendel
Monday, October 7, 2013

A new CalPERS projection shows employer rates for the largest group of state workers increasing 27 percent over the next six years — but the focus is on the risk of how much things can change.

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Dan Walters

Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Monday, Oct. 7, 2013 – 12:00 am

Bob Deis, the city manager of insolvent Stockton, is proud of fashioning a bankruptcy plan that avoids cuts in city workers’ pensions.

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The Sun: San Bernardino bankruptcy hearing: Retiree payments still unsettled

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 10/02/13, 6:45 PM PDT |

RIVERSIDE >> Employees’ retirement records still don’t reflect time worked since January, meaning those who retired now would receive retirement benefits as though they had worked eight months less, an attorney for the California Public Employees’ Retirement System said in U.S. Bankruptcy Court on Wednesday.

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SacBee: Dan Walters: Municipal bankruptcies confront huge issues

Dan Walters

Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Monday, Sep. 16, 2013 – 12:00 am

As federal bankruptcy judges deal with the insolvencies of two medium-size California cities, Stockton and San Bernardino, and the huge fiscal collapse of Detroit, they are confronting an issue with almost incalculable impacts – whether public employee pensions are ordinary debts or enjoy special protections.

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SacBee: CalPERS goes back into housing market

calpers

By Dale Kasler
dkasler@sacbee.com
Published: Friday, Sep. 13, 2013 – 7:50 pm

With the residential real estate market turning around, CalPERS is dipping its toe back in the housing market.

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Calpensions: CalPERS seeks outside review of computer system

calpers

By Ed Mendel
Monday, September 9, 2013

After a lot more time and money than expected, and a rocky launch greeted with months of customer complaints, CalPERS has succeeded where two other state agencies recently failed. Its big new computer system is up and running.

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By Jon Ortiz
jortiz@sacbee.com
Published: Monday, Sep. 9, 2013 – 12:00 am | Page 1A
Last Modified: Monday, Sep. 9, 2013 – 6:31 am

The average retirement payout for new retirees in California’s biggest public pension system doubled between 1999 and 2012, according to CalPERS data, and initial monthly payments for one group nearly tripled in that period.

State and local cops and firefighters benefited the most.

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SacBee: San Bernardino bankruptcy ruling is a blow to CalPERS

calpers

By Dale Kasler
dkasler@sacbee.com
Published: Wednesday, Sep. 4, 2013 – 12:00 am
Last Modified: Wednesday, Sep. 4, 2013 – 7:41 am

Over objections from CalPERS, a judge last week declared that the city of San Bernardino is eligible for bankruptcy, paving the way for a historic showdown over the sanctity of public employee pensions.

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Calpensions: CalPERS vs. San Bernardino: What do they want?

calpersSan Bernardino Seal

By Ed Mendel
Tuesday, September 3, 2013

A federal judge ruled San Bernardino eligible for bankruptcy last week, despite opposition from CalPERS, and then pressed the city to promptly deliver something the big pension fund wanted prior to the ruling: a plan to cut debt and exit bankruptcy.

Read the rest of this entry »

The Sun: San Bernardino’s bankruptcy eligibility to be decided at hearing

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 08/27/13, 8:04 PM PDT |

RIVERSIDE >> A hearing today isn’t expected to be the end of the city’s yearlong trial in bankruptcy court, or even the beginning of the end, but it is perhaps the end of the beginning.

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Calpensions: CalPERS pushed to invest through minority firms

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By Ed Mendel
Monday, August 26, 2013

CalPERS is not investing enough money through minority-owned firms, two trade associations and several money managers say, and some want a legislative audit of “unfair” decisions, particularly for lucrative private equity funds.

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San Bernardino Seal

By Tim Reid
LOS ANGELES | Sun Aug 25, 2013 8:07am EDT

(Reuters) – The city of San Bernardino is expected to learn on Wednesday if it is eligible for bankruptcy protection despite the opposition of California’s powerful public pension system – an important test for the federal law used by Detroit and other U.S. cities burdened by pension payment costs.

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Calpensions: Skimming ‘excess’ pension investment earnings

pensions

By Ed Mendel
Monday, August 19, 2013

An issue in the San Jose pension reform trial, a “13th check” bonus for retirees when investment earnings exceed the annual forecast, reflects a widespread attitude that added to public pension debt.

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SacBee: CalPERS sued over long-term care insurance rate hikes

calpers

By Dale Kasler
dkasler@sacbee.com
Published: Tuesday, Aug. 6, 2013 – 1:52 pm
Last Modified: Tuesday, Aug. 6, 2013 – 4:27 pm

CalPERS was sued Tuesday over the big rate hikes it imposed on its long-term care insurance program, which covers stays in nursing homes.

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The Sun: San Bernardino ends an objection to bankruptcy, hires parks director

San Bernardino Seal

Ryan Hagen, Staff Writer
Posted: 08/05/2013 09:45:34 PM PDT

SAN BERNARDINO — The City Council unanimously approved an agreement with the union representing middle managers Monday night, ending that union’s objection to the city’s eligibility for bankruptcy protection.

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Calpensions: CalPERS still in choppy seas after ‘perfect storm’

calpers

By Ed Mendel
Monday, July 29, 2013

Employer satisfaction with CalPERS dropped during the last two years, a new internal survey found, apparently the result of a “perfect storm” of investment losses, scandal, rising rates and other problems.

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CapitolWeekly: In Stockton, bond insurers are back at the table

By Ed Mendel | 07/22/13 5:00 AM PST

Bond insurers who walked away from mediation last year before Stockton filed for bankruptcy are at the table this summer. A deal could avoid a precedent-setting legal showdown on whether public pensions can be cut in bankruptcy.

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InlandPolitics: This and That!

Edit

Sunday, July 21, 2013 – 11:00 a.m.

Here’s some news flowing across the transom last week. In cased you missed it!

Detroit files bankruptcy

Yes, this time it’s Detriot. That’s a city located in the state of Michigan. For those that didn’t know!

Read the rest of this entry »

The Sun: Bankruptcy judge pushes against CalPERS

San Bernardino Seal

By Ryan Hagen
ryan.hagen@ inlandnewspapers.com @sbcitynow on Twitter
Posted: 07/17/2013 07:26:18 PM PDT

RIVERSIDE >> In a bankruptcy hearing Wednesday in which both San Bernardino and its main creditor accused the other of misrepresenting important facts, the judge overseeing the case pushed back against CalPERS on several points.

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Bloomberg: Calpers Earns 12.5% as Stocks Buoy Pension Fund’s Returns

calpers

By Michael B. Marois – Jul 15, 2013 10:56 AM PT

The California Public Employees’ Retirement System, the largest U.S. pension, had a 12.5 percent gain on investments for the fiscal year ended June 30 as global stock indexes rose to records.

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SacBee: CalPERS delays pension database launch

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The State Worker
Chronicling civil-service life for California state workers
July 10, 2013

California’s largest government retirement fund has decided to delay launching an online database of public pension information, citing moves by a retiree group to pursue legislation that would narrow how much of that information would fall under the state Public Records Act.

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SJMercuryNews (AP): CalPERS to post 500,000 pensioners’ data online

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Associated Press
Posted: 07/09/2013 07:45:10 AM PDT
Updated: 07/10/2013 06:32:24 AM PDT

Pensions: More news and opinion

SACRAMENTO — The nation’s largest public pension fund announced Monday that it will post data online about nearly half a million pensioners in an effort to be transparent.

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By Dale Kasler
dkasler@sacbee.com
Published: Tuesday, Jun. 25, 2013 – 1:05 pm
Last Modified: Tuesday, Jun. 25, 2013 – 2:32 pm

Federal prosecutors are trying to bolster their case against the two men charged in the CalPERS bribery scandal by attempting to halt to a series of lawsuits that could interfere with the criminal case.

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Calpensions: CalPERS wants lien on local government assets

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By Ed Mendel
Monday, June 24, 2013

Bankrupt San Bernardino skipped its payments to CalPERS this fiscal year, an unpaid bill totaling more than $13 million, and exposed a weakness in the pension system’s legal power to collect from deadbeats.

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Calpensions: New CalPERS rate-hike era begins with cost cut

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By Ed Mendel
Thursday, June 20, 2013

State pension costs drop slightly in the new fiscal year under CalPERS rates set yesterday, a short break before a new full-funding policy adopted in April is expected to boost costs nearly 50 percent during the next seven years.

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The Sun: San Bernardino bankruptcy process accelerates

San Bernardino Seal

By Ryan Hagen
ryan.hagen@ inlandnewspapers.com @sbcitynow on Twitter
Posted: 06/05/2013 08:06:25 PM PDT

Special Section: San Bernardino

RIVERSIDE– A federal bankruptcy judge took several steps Wednesday to accelerate San Bernardino’s bankruptcy case, with a decision on whether the city’s eligible for bankruptcy possible this summer.

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