Posts Tagged ‘pensions’

CalSTRS bailout will be CA version of budget sequester

Tuesday, May 27th, 2014

On April 10, 2012, I wrote an op-ed for the L.A. Daily News with an unusual take on what ultimately would kill the bullet train. My theory was that the teachers unions would fight to keep a new mouth from the trough of the general fund because of the long-term need to maintain a status quo in which ...

Pension costs burden CA budget

Monday, May 19th, 2014

Gov. Jerry Brown still hasn't gotten his state's budget problems beat. A high-profile new report showed California still faces massive liabilities extending far into the future. The study, released by the nonpartisan Legislative Analyst's Office, tallied over $340 billion in debts, deferred ...

Video: An unsustainable recovery in California

Thursday, April 17th, 2014
NEW: Video: An unsustainable recovery in California

Former California State Finance Director Tom Campbell gives his take on California's economic outlook.   http://youtu.be/LJ7cvhzWgvE

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...