A teachers’ pension fund is in the money . . . Is a Kevin De León bill in the IRS’s crosshairs? . . . The State Board of Education greenlights yet another Oakland charter school.
When the Finance and Administration Committee of CalPERS, the giant public-sector pension fund, met Wednesday morning in Sacramento, its agenda included a vote on a seemingly innocuous proposal made by California State Treasurer John Chiang to expand its Responsible Contractor Program.
Call it the tale of two pension crises. In June, the Los Angeles Times’ business pages looked at the looming retirement savings disaster caused by the nearly 40-year transition from employer-sponsored defined-benefit pensions to individual 401(k) plans — a sea change in retirement insecurity, it noted, that “has been a failure for all but the wealthiest Americans.”
Last month former San Jose mayor Chuck Reed took the first step toward offering a promised draft of a 2016 public pension cutting initiative that, he has hinted, will target the California Public Employees’ Retirement System. CalPERS manages the retirement and health benefits for more than 1.6 million California public employees, retirees and their families. […]
Capital & Main recently looked at a spate of negative headlines about public pension funds, spurred by data that State Controller John Chiang released on his new public data site at ByTheNumbers.sco.ca.gov. Chiang has served as Controller since 2006, acting as California’s Chief Fiscal Officer. He was recently elected as State Treasurer and will […]