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CA still struggling with unfunded liabilities

Despite a concerted effort from Gov. Jerry Brown to keep California from slipping back into the financial abyss, the state’s finances remain threatened by massive unfunded obligations. “It’s California’s debt and liabilities that are concerning financial analysts, particularly the state’s rapidly

Drug prices latest CA ballot battle

James Poulos December 30, 2015

Responding to a growing sense of alarm among state officials and the general public, the AIDS Healthcare Foundation has secured approval for a ballot initiative that would coercively reduce the cost of prescription drugs. The California Drug Price Relief Act,

2011 San Francisco pension fix not panning out

Chris Reed December 13, 2015

The pension reform measure that San Francisco voters passed in 2011 isn’t yielding the savings that city leaders expected, and for several reasons — one of which should worry all pension-paying institutions. That reason: Retirees are living significantly longer than

CalPERS board accused of bullying, deceit, flouting laws

Chris Reed December 9, 2015

A member of the CalPERS board has gone rogue, using public records laws to get documents from the agency while facing warnings that it is unacceptable for him to criticize staff at board meetings. Ed Mendel has details at Calpensions.com:

Chuck Reed: Reform measure will bite pension liability ‘elephant’

Dave Roberts November 10, 2015

Former San Jose Mayor Chuck Reed acknowledged at a recent taxpayer forum that his latest proposed pension reform initiatives won’t solve California’s $350 billion unfunded retirement benefit liability problem. But he thinks they’ll help. “Sometimes you have to eat the

Finance Department urges CalPERS to reduce risk

Dave Roberts October 30, 2015

The California Public Employees’ Retirement System is considering reducing its investment risk with a plan that would be so ineffectual it could lead to a “rate shock” when the pension bills come due, according to the California Department of Finance.

University of California and stem cell agency highest paid state workers

John August 24, 2015

California taxpayers paid out big bucks to state workers in 2014. How much? More than the Gross Domestic Product of 100 countries, according to new data published by the State Controller’s office. In 2014, more than 650,000 state employees earned a total

Change in accounting rule forces governments to disclose liabilities

John July 12, 2015

State and local governments will no longer be allowed to hide the true costs of the long-term benefits provided to government workers. A recent change by the Governmental Accounting Standards Board, known simply by the acronym GASB, forces government bodies

CA pension reformers push ballot measure

James Poulos June 25, 2015

The struggle over reforming California’s public pension system has been taken up a new notch. Given the poor track record of past efforts to reform pensions on the statewide level, a bipartisan alliance of former municipal leaders, including ex-San Jose Mayor Chuck Reed and

Campaign 2016: Bipartisan group files pension reform initiative

John June 9, 2015

The battle over California’s out-of-control public employee pensions could soon move from the courtroom to the ballot box. A bipartisan group of pension reform advocates, led by former San Jose Mayor Chuck Reed and former San Diego Councilman Carl DeMaio, recently filed a