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Video: An unsustainable recovery in California

Former California State Finance Director Tom Campbell gives his take on California’s economic outlook.  

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CalSTRS unfunded liability hits new high

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

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Malkenhorst epitome of government service

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 of dollars from the peculiar

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CalPERS just called me

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

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Are CA elected officials underpaid?

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

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CalPERS rate hike slams cities

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

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Graphic shows pension reform ideas

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

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Longevity hurting CalPERS 60

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

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Life expectancy gains: new front in CA pension funding woes

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

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Gov. Brown's budget largely ignores massive debt

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

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