Archive for the ‘ CalPERS ’ Category

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.

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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.

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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.

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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.

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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.

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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.

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Calpers

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

By Melody Petersen
March 17, 2015

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

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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

fppc logo

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

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

Sacramento-Business-Journal

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

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

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Calpensions: Pension shareholder clout reshapes corporations

Corporate Governance

By Ed Mendel
February 2, 2015

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

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SacBee: Judge rejects bid to keep Stockton in bankruptcy

US Bankruptcy Court

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

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

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

calpers

By Ed Mendel
Tuesday, January 20, 2015

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

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

calpers

By Marc Lifsher
January 14, 2015

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

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Pension-Fund

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

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

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Calpensions: Will Brown propose paying judges pension debt?

Question Mark

By Ed Mendel
Monday, January 5, 2015

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

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Reuters: California judges sue Calpers pension system over contributions

gavel

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

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

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Calpensions: Tackling the big debt that lawmakers let balloon

Pension Reform

By Ed Mendel
December 22, 2014

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

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Calpensions: CalPERS: extra contributions can yield big savings

calpers

By Ed Mendel
December 15, 2014

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

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SacBee: Opinion: Pension cost avoidance creates gaps

Dan Walters

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

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

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Calpensions: Vallejo first to test no pension cut in bankruptcy

Pension Reform

By Ed Mendel
Monday, December 1, 2014

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

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

Pension Reform

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

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

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

calpers

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

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

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Calpensions: CalPERS retirees outnumber active workers soon

calpers

By Ed Mendel
Monday, November 24, 2014

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

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SacBee: Pay for CalPERS board members varies widely

calpers

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

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

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UTSanDiego: CalPERS wins yet another hollow victory

Pat Morris

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

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

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

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Calpensions: San Bernardino hires Stockton exit plan architect

San Bernardino Seal

By Ed Mendel
November 20, 2014

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

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

Dan Walters

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

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

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San Bernardino Sign

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

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

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

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

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

calpers

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

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

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LATimes: California pension funds are running dry

John Chiang

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

By Marc Lifsher
November 13, 2014

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

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.

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

Dan Walters

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

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

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.

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LATimes: Stockton bankruptcy ruling will decide fate of public pensions

US Bankruptcy Court

By Marc Lifsher and Melody Petersen
October 29, 2014

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

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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:

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

calpers

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

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

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

Read the rest of this entry »

Calpensions: How CalPERS ranks: average service, high costs

calpers

By Ed Mendel
October 20, 2014

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

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Priya Mathur

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

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

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

Read the rest of this entry »

Priya Mathur

Mathur

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

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

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Calpensions: Pensions still a puzzle in Stockton bankruptcy

Pieces to the Puzzle

By Ed Mendel
October 6, 2014

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

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

Dan Walters

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

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

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Michael Hiltzik

Michael Hiltzik
October 2, 2014

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

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NYTimes: Bankruptcy Judge in California Challenges Sanctity of Pensions

US Bankruptcy Court

Stockton, Calif., faced a $1.6 billion termination fee from Calpers if it dropped out of the state pension system.

Restructuring & Bankruptcy
By Mary Williams Walsh
October 1, 2014 9:15 pmOctober 1, 2014 9:15 pm

A federal bankruptcy judge on Wednesday upended the widely held belief that public workers’ pensions have a special status in California that makes them impossible to cut, further chipping away at the idea that pensions are sacrosanct in a municipal bankruptcy.

Read the rest of this entry »

AP: Ruling lets bankrupt city cut pension benefits

judges-gavel

AP California News
Oct 2, 9:28 AM EDT

By DON THOMPSON
Associated Press

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

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San Bernardino Seal

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

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

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

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Calpensions: CalPERS earnings no longer last among big funds

By Ed Mendel
September 22, 2014

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

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SacBee: CalPERS gets $88 million in Citi settlement

calpers

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

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

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LATimes: CalPERS picks Ted Eliopoulos to be investment chief

calpers

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

By Marc Lifsher
September 16, 2014

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

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LATimes: CalPERS decides hedge funds are a sell

Photo: CalPERS board

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

By Marc Lifsher
September 15, 2104

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

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SacBee: CalPERS cleared to sue ratings agencies

California Supreme Court

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

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

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

calpers

By Marc Lifsher
September 9, 2014

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

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Calpensions: Small city puts spotlight on big CalPERS exit cost

calpers

By Ed Mendel
Monday, September 2, 2014

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

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Calpensions: Image-sensitive CalPERS has down week in media

calpers

By Ed Mendel
August 25, 2014

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

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

CalPERS

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

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

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

Dan Walters

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

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

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