CalPERS

Reuters / Max Whittaker

CalPERS Pushes to Replace Trump and Represent US by Proxy in Paris 2°

CalPERS—the retirement system for almost 2 million public employees in California—has announced that it is leading an effort to pull together a global investor alliance who will agree to Paris 2° with CalPERS representing the US by proxy in the newly-formed, UN-sponsored “Global Climate 100.”

Reuters / Max Whittaker

CalPERS Slashes Pensions 60% for Hundreds of Retirees

The California Public Employees’ Retirement System (CalPERS) is slashing pensions for retirees of government entities that elect to leave CalPERS without paying the hefty termination toll or “exit fee.”

CalPERS (Reuters / Max Whittaker)

Moody’s Warns of Lower State Pension Investment Expectations

Moody’s Credit Rating Service warned last week that budgetary pressure on state and local governments is accelerating as public employee pension systems are forced to follow moves by CalPERS and CalSTRS to lower investment return expectations to 7 percent.

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Protest Demands CalPERS Divest from Dakota Access Pipeline

Environmental activists are demanding that CalPERS show leadership, as the nation’s largest public employee pension plan, by divesting from the Dakota Access Pipeline project. But staff have reportedly recommended against divestment.

JerryBrownSigns

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.

Reuters / Max Whittaker

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.

CalPERS (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.

AP Photo/Rich Pedroncelli

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.

Reuters / Max Whittaker

CalPERS Suffers $30.8 Billion Annual Loss

The California Public Employee Retirement System (CalPERS) is about to report the world’s largest public employee pension suffered an actuarial investment loss of $30.8 billion last year.

Clintons and Mezvinsky (Drew Angerer / Getty)

Hillary Clinton’s Son-in-Law Lost CalPERS Money Betting Greek Bonds

Then-Secretary of State, Hillary Clinton appears to have sought inside information on a potential European Union bailout as her son-in-law, Marc Mezvinsky, speculated on defaulting Greek bonds in 2012 with CalPERS’ public pension cash as his hedge fund was getting wiped out.

Reuters / Max Whittaker

Former CalPERS CEO Sentenced to 4 Years for Taking Huge Bribes

Fred Buenrostro, the former Chief Executive Officer of the California Public Employees’ Retirement System (CalPERS) was sentenced to 4.5 years in federal prison this week for what a U.S. District termed “a spectacular breach of trust.”

Richmond Fire Department (Facebook)

Richmond, CA Fire Chief Makes $560K; Avg. Income $26K

Despite a $10.2 million budget deficit, 12 percent unemployment, 17 percent poverty rate, and a $25,769 average annual income, Richmond, California’s fire chief made $560,000 in salary and benefits in 2014.

AP Photo/Marcio Jose Sanchez

Stanford University Rejects Fossil Fuel Divestment

Stanford’s Board of Trustees announced April 25 that the university endowment voted to refuse to divest its holdings in oil and gas companies, despite threats from students and some alumni.

Reuters / Max Whittaker

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.

Fresno Skyline (Strangevisitor / Flickr / CC)

10% of Taxes Go to Pensions in 5 CA Counties

Santa Barbara County, Kern County, Fresno County, San Mateo County and Ventura County now spend about 10 percent or more of their total revenue on pension contributions, according to a new study.

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.

AP Photo

California Pensions Move Closer to Divesting from Coal

California’s pension funds moved one step closer to divesting from coal on Wednesday, with an Assembly committee approving SB 185 bill by a 5-1 vote. The bill, which has passed the state Senate, moves to the floor for a vote. It is likely to pass, and Gov.Jerry Brown is likely to sign it into law, though he has opposed measures to ban fracking for oil in the state.

CalPERS (Reuters / Max Whittaker)

Bipartisan Coalition Unveils 2016 Pension Reform Referendum

A bipartisan coalition of former and current elected officials, together with fiscal accountability groups, revealed much-anticipated plans Thursday for the newest installment in statewide ballot initiative efforts to combat the crushing burden of public employee pensions in California. The measure is slated to face California voters in November 2016.

AP Photo/Damian Dovarganes

Port of L.A. Police Chief to Be Arrested on Corruption Charges

The Port of Los Angeles has been best known for union labor strife over the last year, but the scandal that is blowing up over the arrest of Chief of Port Police Ronald Jerome Boyd on federal bribery, kickback, and tax fraud charges may set a new high for port turmoil.

Covered California

CalPERS Could Owe Obamacare $770 Million in “Cadillac Tax’

California government entities and their unions are panicking because Obamacare’s punitive 40% “Cadillac Tax” beginning in 2018 will directly hit the low-deductible and broad-provider network type of “platinum” healthcare coverage that public employees have enjoyed under the California Public Employee Retirement System (CalPERS).

San Bernadino (Lucy Nicholson / Reuters)

Pensions Earthquake: San Bernardino Defaults–After Bankruptcy

San Bernardino, which owed almost $10 million on its pension bond debt ever since it declared bankruptcy in 2012, has defaulted, according to Reuters. Since September, the city has avoided dealing with the bondholders, who have been left out in the cold.