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CalWatchdog Morning Read – July 29

CalSTRS v. Volkswagen Congressional candidate issuing terrorist-hunting permits What you need to know about the vaccine law Earned Income Tax Credit misses estimates Many voters skipping Senate race Good morning! The legislative summer recess is coming to an end, so

CA sues Morgan Stanley over public pension funds

James Poulos April 12, 2016

The State of California has sued investment bank Morgan Stanley, filing a complaint in San Francisco Superior Court, seeking redress for what officials said was massive harm to its public-sector workers. “Public employees in California, including peace officers, firefighters,

LAO raises doubts about teachers’ pension bailout

Chris Reed February 11, 2016

A new report from the nonpartisan Legislative Analyst’s Office is raising questions about the long-term effectiveness of the Legislature’s 2014 bailout of the California State Teachers’ Retirement System, which will nearly double annual funding to cover CalSTRS’ obligations when it

LAO: Teacher pension fund too risky and complex

Matt Fleming February 5, 2016

Policy analysts are calling on state lawmakers to simplify the way the teachers’ pension fund gets funded — to improve oversight and to avoid the state being left in a lurch. According to the non-partisan Legislative Analyst’s Office, the “subjective” funding

New LAUSD chief avoids district’s grim fiscal picture

Chris Reed January 18, 2016

Michelle King was promoted to superintendent of the massive Los Angeles Unified School District last week and has since spoken about her hopes for educational improvements, her interest in single-sex schools and her doubts about philanthropist Eli Broad’s goal of

Education debt debate heats up

James Poulos January 4, 2016

With the start of a new year, a fresh array of political, economic and legal developments promise to sharpen California’s ongoing debate over the costs and consequences of its current education system. The California State Teachers’ Retirement System, one of

CalSTRS pension fix harder on taxpayers than UC fix

Chris Reed June 30, 2015

In the newly enacted 2015-16 state budget, the University of California has agreed to major pension changes, building on revisions already made under Gov. Jerry Brown since 2011. This account is from the Sacramento Bee: As part of an arrangement

School districts seek help with pension bailout costs

Chris Reed May 17, 2015

The bailout of the California State Teachers’ Retirement System enacted last year requires a 70 percent increase in pension contributions from school districts, a 20 percent increase from the state general fund and a 10 percent increase in teacher contributions.

Hardball pays off with 2-year, 10% hike for L.A. teachers

Chris Reed April 20, 2015

Hardball paid off for the United Teachers Los Angeles late Friday when negotiators reached tentative agreement on a three-year deal that provides L.A. Unified teachers with a 10 percent pay raise in the first two years. That’s far more than

Worst-case scenarios for CalSTRS and CalPERS

Wayne Lusvardi March 4, 2015

Sometimes it’s good to consider worst-case scenarios. Maybe they won’t even happen, but it can help to look at every possibility. Two analysts have done that for California’s two biggest pension systems. As of the most current figures, the California Public