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 […]
“Public Pensions Need Gamblers Anonymous,” blared the op-ed by the American Enterprise Institute’s Andrew Biggs in the Wall Street Journal last week. Can it be true? Did the trustees of CalPERS just take retirement funds for 1.7 million Californians – backed up by our tax dollars – to Las Vegas and put it all on […]
“California pension funds are running dry,” warned a recent Los Angeles Times headline. “The unfunded liability— that’s the difference between promised benefits and projected funds to fulfill those obligations — grew from about $6.3 billion in 2003 to a little more than $198 billion in 2013,” Santa Rosa’s Press Democrat chimed in, helpfully doing […]
Today Christopher Klein, a U.S. bankruptcy judge, approved the city of Stockton’s plans to exit bankruptcy – ensuring that the pensions of Stockton’s retired public workers will not be subject to a tug of war among the city’s creditors. “Judge Klein’s decision reinforces the confidence we had in our plan from the beginning,” Stockton City […]
A 40-foot fall isn’t necessarily fatal for the average adult. But for California’s public employees whose jobs require them to routinely work on ladders or mechanical devices at heights more than 40 feet, it was deemed enough of a threat to life and limb to offer them a modest premium in their monthly pay packet. In the case of firefighters, it also […]
The headline to Daniel Borenstein’s recent Contra Costa Times column didn’t leave much to the imagination: “CalPERS planning to gut a key cost-control provision of new pension law.” Pairing CalPERS – the nation’s largest public employee retirement fund – with pension-reform sabotage promised red meat for conservatives who share the columnist’s disdain for unions. Borenstein […]