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Gov. Newsom’s budget shows pension fixes failed

Gov. Gavin Newsom’s proposal to use some of the state’s budget surplus to pay down unfunded liabilities in the state’s two giant government employee pension funds drew praise from an unexpected source – the Howard Jarvis Taxpayers Association, which otherwise had

CalSTRS at risk of disaster despite 2014 bailout

Chris Reed November 19, 2018

Four years after the state Legislature passed a bailout of the California State Teachers’ Retirement System that will nearly double annual direct contributions to the giant pension fund, a newly released internal report raises the prospect that the infusion of

Is state Legislature hampering CalPERS, CalSTRS?

Chris Reed July 30, 2018

The California Public Employees Retirement System and the California State Teachers Retirement System recently announced that they had exceeded their investment goals by at least 1 percentage point in fiscal 2017-18, with CalPERS citing annual gains of 8.6 percent and

CalPERS staff nudges board to consider lower return rates

Steven Greenhut November 22, 2016

SACRAMENTO – There’s bad news coming down the pike for California municipalities following several days of board meetings for the nation’s largest state-based pension fund. Although no action has been taken, it’s clear the California Public Employees’ Retirement System, or

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

LAT: All hail ‘economic stability,’ surpluses achieved by Gov. Brown

Chris Reed April 19, 2014

The ability of Gov. Jerry Brown to convince the state press corps that he has righted California’s listing ship continues to amaze. The Golden State has by far the highest poverty rate in the nation. One in six adults can’t

LAO’s cheerfully nutty budget report: Pension crisis? What pension crisis?

Chris Reed November 22, 2013

The Legislative Analyst’s Office has among the best reputations of any state agency. But after the release of Wednesday’s bizarre LAO budget analysis and accompanying press conference by Legislative Analyst Mac Taylor, I don’t know why. I groused about it