Posts Tagged ‘CalPERS’

Death, taxes and state incompetence with computer projects

Thursday, February 27th, 2014
government-incompetence-at-work

There are fewer sure things in life than the likelihood the California state government will screw up a computer project. We may be home to Silicon Valley and the greatest concentration of information-technology skills in the world, but once a project unfolds in Sacramento, it almost always goes wro...

Latest scandal: Why you would be nuts to believe CalPERS

Tuesday, February 4th, 2014

The Sacramento Bee has the basic details on a new CalPERS contretemps: "A former CalPERS employee who alleged she was fired for challenging a cover up of insider trades by fund staff settled her wrongful termination case this morning. "Jeannine Carter, who worked in a watchdog unit that makes sure...

Life expectancy gains: new front in CA pension funding woes

Monday, January 20th, 2014

Daniel Borenstein of the Bay Area Newspaper Group had a sharp column Sunday pointing out that delays in acknowledging gains in life expectancy added to the long-term funding problems faced by CalPERS. "The mortality issue exemplifies how CalPERS has set the rates it charges too low. Retirement syst...

CalPERS is worried

Sunday, December 8th, 2013
Bankruptcy convention 2

Last week, U.S. Bankruptcy Judge Steven Rhodes ruled that Detroit city workers' pensions could be part of the Chapter 9 proceedings. So the pensions could be cut substantially. That obviously affects the federal bankruptcy trial for San Bernardino and, potentially, Desert Hot Springs and other Cali...

State finances: LAO’s own report on CalSTRS demolishes LAO’s happy talk

Wednesday, December 4th, 2013
mac.taylor

I'm still struggling to make sense of Legislative Analyst Mac Taylor's bizarrely upbeat report last month on state finances that predicted budget surpluses for years to come -- but barely mentioned the state's huge unfunded liabilities for retiree pensions and health care. Instead of calling for ...

LAO’s cheerfully nutty budget report: Pension crisis? What pension crisis?

Friday, November 22nd, 2013
LAO

The Legislative Analyst's Office has among the best reputations of any state agency. But after the release of Wednesday's bizarre LAO budget analysis and accompanying press conference by Legislative Analyst Mac Taylor, I don't know why. I groused about it in this U-T San Diego editorial: "Imagin...

Life imitates sci-fi: Why CA pension crisis is sure to get far worse

Monday, September 16th, 2013
LifeExpectancy

The debate in California over public employee pensions has grown familiar in recent times. Those who demand reform finally appear to have momentum. In Sacramento, Gov. Jerry Brown won passage of a pension reform measure in September 2012. While many thought it didn't go nearly far enough, its app...

Federal judge rebuffs CalPERS, OK’s San Bernardino bankruptcy

Friday, August 30th, 2013
Emergency room - wikimedia

In a victory for taxpayers, a federal judge ruled Wednesday that the City of San Bernardino is eligible to file for bankruptcy. That trumped the claims of the California Public Employees Pension System that the court had the paramount right to force the city to raise taxes to fund pensions. ...

Inflation could quickly erode CalPERS pensions

Tuesday, August 13th, 2013
Whip inflation now

CalPERS retirees could be in for a surprise. The California Public Employment Retirement System payments include a 2 percent inflation increase every year, called a Cost of Living Adjustment. In recent years, the federal government's Consumer Price Index, which tracks inflation, has been rising le...

Fresh evidence that Jerry Brown’s pension fix fixed little

Wednesday, July 10th, 2013

July 10, 2013 By Chris Reed The aura of self-congratulation surrounding the governor's office is particularly intense when it comes to the pension reform measure that Jerry Brown got through the Legislature in September. But I'm not like some other Cal Watchdog contributors who consider the measu...