Posts Tagged ‘CalPERS’

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

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

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

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...

No, the recession is not to blame for the pension crisis

Friday, July 5th, 2013

July 5, 2013 By Chris Reed Perhaps the single smartest guy in the Schwarzenegger administration, David Crane, continues to be a wrecking ball when it comes to the arguments offered by apologists for California's ruinous state finances. In his latest Bloomberg News column, Crane takes on the defend...

CA public sector: Laws? We don’t need no stinking laws

Sunday, May 12th, 2013

May 12, 2013 By Chris Reed In the private sector, there are all kinds of laws that govern employment, conduct, conflict of interest and appropriate use of shareholder funds. They may not always be enforced, but in the best-run companies, they are usually taken seriously. In the public sector, the...

Seniors decry CalPERS long-term care rate hikes

Friday, May 10th, 2013

May 10, 2013 By Dave Roberts If you’re curious what health care insurance might be like when the government takes it over, a preview was provided on Tuesday at an informational hearing of the Assembly Committee on Aging and Long-Term Care. State Capitol Room 127 was packed with seniors angry abo...