CalPERS

Jerry Brown Wants 42% Gas Tax Hike to Bail Out CalPERS

Despite tax collection increasing by 50 percent in the last 9 years, California’s public pension insolvency is forcing Gov. Jerry Brown to propose a dangerously unpopular 42 percent increase in gasoline taxes and a 141 percent increase in vehicle registration fees.

JerryBrownSigns

CalPERS New Reporting Understates Pension Costs

Despite the rising panic over the solvency of California public pension plans, CalPERS’ annual report no longer prominently discloses what additional percentage of employee pay that each of its state, school and local clients pay each month for employee pensions.

Reuters / Max Whittaker

CalPERS Reality Will End Left’s #CalExit Fantasy

As the #CalExit movement continues to draw favorable press — mostly in liberal publications bitter over Trump’s victory — its downfall just might be found in the fiscal realities facing CalPERS, the agency responsible for managing pensions and benefits for over 2 million California state employees.

CalPERS (Reuters / Max Whittaker)

Jerry Brown May Force You to Save for Retirement

A new plan approved by the California legislature and sent to Gov. Jerry Brown for approval would force employees of most private companies and small businesses to save for their retirement, with automatic deductions from their paychecks sent to the “California Secure Choice Retirement Savings Program” if they do not have a 401(k) plan at work.

AP Photo/Rich Pedroncelli

California Audit Reveals Pension Debt Grew by 2,000%

Government accounting rules have forced a California audit that has revealed an increase in the “debt” it owes for pension liability by 2,000 percent this year. The state could nearly double the debt again next year when it is forced to account for unfunded retiree health benefits.

Reuters / Max Whittaker

CalPERS vs. Jerry Brown over Pension Contributions

The CalPERS Board voted to refuse California Gov. Jerry Brown’s modest demand to decrease their expected pension investment returns by a tiny 0.2% year, because the impact would have increased pension contribution costs by about $1.2 billion across nearly 800,000 employees–about $125 per month, on average.

Reuters / Max Whittaker

L.A. Times Columnist’s Criticism of Pension Analysis Flawed

In a recent Los Angeles Times “Economy Hub” post on public-sector pensions, Michael Hiltzik took a shot at the California Policy Center for analyzing the average pensions of full-career Calpers retirees–those who work at least 30 years–in its pension analyses.

Reuters / Max Whittaker

Pension Crisis: Cut 30% of Payroll or Overturn Prop. 13

Each new California legislative session starts with Republicans yakking about cutting state and local public pension benefits that are over $1 trillion underfunded. But as a minority party and with many of its loudest advocates hypocritically receiving a public pension, reform has just been about yakking. But with CalPERS’ actuaries demanding a pension funding increase from $3.7 billion to $7.25 billion by 2020, the state must either cut payroll by 30 percent or find a massive new tax source, like overturning Prop. 13.

Reuters / Max Whittaker