A bill by state Sen. Steven Glazer, D-Orinda, giving new state workers the option new University of California workers received two years ago, a 401(k)-style plan rather than a pension, is opposed by unions and soon may be opposed by ...
Author Ed Mendel
An appeals court ruled last week that six judges have no vested right to pensions uncut by a reform, even though they were elected a half year before the reform took effect on Jan. 1, 2013. An appellate panel unanimously ruled the ...
CalPERS sponsored legislation resulting in more generous city police and firefighter pensions, SB 400 in 1999, a well-known issue in the debate about whether growing pension costs are “unsustainable.” But CalPERS also backed legislation, AB 616 in 2001, giving most ...
The use of the word “unsustainable” had a distant echo this month as the League of California Cities issued a study of CalPERS rates, a move to get stronger local options for controlling rising pension costs. Over the next seven ...
A half-dozen Los Angeles police and firefighters received pension payouts of $1 million or more in 2016 — two reaching $1.4 million, according to Transparent California, a watchdog database listing individual state and local government employee salaries and pensions. The ...
CalPERS wants unions and local government groups to come up with legislation that would retroactively correct a mistake that could lead to more pension cuts, like the 63 percent reduction last July in pensions promised about 200 former employees of ...
While his lawyers urge the state Supreme Court to allow pension cuts, Gov. Brown is taking his time to fill a vacant seat that would make his appointees a majority on the high court, four of the seven justices. The ...
If the Internal Revenue Service annual limit for a public pension was $210,000 two years ago, why were the top 10 CalPERS pensions well above the limit, ranging from $290,273 to $390,485? The answer is that pension systems have the ...
New York Gov. Andrew Cuomo last week proposed a “roadmap” for divesting the $200 billion New York state pension fund from fossil fuel investments, joining a move to use shareholder clout to reduce greenhouse gas-emissions believed to cause climate change. ...
Though facing a huge funding shortfall, the CalPERS board yesterday adopted a new plan for its $346 billion investment portfolio that will not bring in more money from another employer rate increase or a shift to riskier but higher-yielding investments. ...
