Posts Tagged ‘pensions’

CalSTRS unfunded liability hits new high

Monday, April 14th, 2014
CalSTRS web site

The California State Teachers' Retirement System just announced it faces $73.7 billion in long-term liabilities. Left untouched, that would spell bankruptcy in 2043. For critics of California's public-employee pensions programs, the grim numbers heighten the urgency for reform. If CalSTRS wants ...

Malkenhorst epitome of government service

Monday, March 17th, 2014
Malkenhorst

Bruce Malkenhorst and his $551,000-a-year public pension are back in the news. The Orange County Register reports: A stunning once-secret investigation into the escapades of former Vernon exec Bruce Malkenhorst... alleges that Malkenhorst stealthily and systematically bled hundreds of thousands...

CalPERS just called me

Thursday, March 6th, 2014

At 11:27 am, according to my cell, I got a call from CalPERS, the California Public Employees' Retirement System. At first I thought it was about some news story I had done. I've talked to them before. Then the woman started taking about a "survey." "This is a poll on CalPERS?" I asked. "Ye...

Are CA elected officials underpaid?

Wednesday, March 5th, 2014

Just after getting a 5 percent raise, Gov.  Jerry Brown, other statewide officials and legislators soon could get another boost, supposedly because they're "underpaid." Hey, "California is back," Brown keeps saying. The CA Dem party is meeting this weekend in Los Angeles. The theme: "Let the...

CalPERS rate hike slams cities

Wednesday, February 19th, 2014
Calpers logo

Californians are finding out how Gov. Jerry Brown is going to deal with the state's pension crisis: make the taxpayers pay for it. This from CalPensions: A divided CalPERS board yesterday approved a faster rate hike for the state urged by Gov. Brown, but opposed by unions. A proposal to give strugg...

Graphic shows pension reform ideas

Thursday, February 13th, 2014

The site Accounting Review has come up with a neat graphic that describes America's pension crisis, and some possible alternatives: Source: Accounting-Degree.org...

Longevity hurting CalPERS

Friday, February 7th, 2014

The California Public Employees Retirement System has a new problem: retirees are living longer. That means their pension payouts continue longer than was planned for. Reported AP: SACRAMENTO, Calif. (AP) -- Gov. Jerry Brown on Wednesday urged California's largest public pension fund to act quickly...

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...

Gov. Brown's budget largely ignores massive debt

Friday, January 10th, 2014

SACRAMENTO -- Gov. Jerry Brown yesterday released his state budget proposal for fiscal year 2014-15, which begins on July 1, with spending sharply higher than last year, despite promises of fiscal restraint. The governor’s $155 billion total spending plan increases the general fund spending ...

How will Brown budget proposal address pensions, taxes, debt?

Monday, January 6th, 2014

California's budget battles will begin on Friday when Gov. Jerry Brown releases his proposal for fiscal year 2014-15, which begins on July 1. The media and political buzz in the Capitol building is that the state has a surplus -- and maybe voters even are ready for higher taxes. "We now fin...