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Search the News Archive
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39 Matching News Items |
| 1. |
California State Controller
Sept. 10, 2014
Dated September 2014. "The State Controller's Office (SCO) has completed a review of the California Public Employees ' Retirement System (CalPERS) to determine whether controls are in place to detect and prevent pension payments based on unusually large or excessive final compensation amounts, commonly known as pension spiking.... The available resources limit [CalPERS'] annual reviews to only 45, or 1.5% of the more than 3,000 reporting entities. At this current rate, pension spiking could go undetected for an extended period of time, as each reporting entity would be reviewed, at the earliest, every 66 years."
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| 2. |
Pensions & Investments
Sept. 5, 2012
"CalSTRS has missed opportunities to catch pension spiking and reduce unjustified or suspicious participant salary increases because it doesn't audit the personnel records of most of the 1,900 school districts and governmental entities that belong to the retirement system, a report by [California] State Controller John Chiang concluded.... In addition, the report found that CalSTRS failed to follow up when its system did detect possible cases of pension spiking, in which participants were given salary increases near retirement that increased their retirement compensation."
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| 3. |
California State Controller
Nov. 4, 2014
"State Controller John Chiang [has] added to his open data website more than one million fields of financial data for California's 130 defined benefit and defined contribution public pension systems.... [A] trend chart of the unfunded actuarial accrued liability of the state's pension systems -- or the present value of benefits earned to date that are not covered by current plan assets -- shows it has steadily risen from $6.33 billion in 2003 to $198.16 billion in 2013."
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| 4. |
National Center for Policy Analysis [NCPA]
Oct. 27, 2010
Excerpt: Re-estimating California's pension obligations using a discount rate approximating what private pensions are allowed to use, [a study] finds the gap between existing plan assets and the present value of benefits accrued by participants actually reaches $282.2 billion, a figure that rises to $326.6 billion when current market values are taken into account. On top of that, the California Controller estimates that retiree health benefits are currently underfunded by $51.8 billion. The total of these actuarial obligations thus reaches $378.8 billion.
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| 5. |
The ERISA Industry Committee [ERIC]
Aug. 12, 2024
"As currently drafted, SB 966 would create a range of compliance requirements for PBM services offered under health care service plans and health insurance policies.... [T]he bill expressly states, ... that 'Any activity conducted by a pharmacy benefit manager, as defined in this division, shall be construed as the business of insurance.' ... State regulators could interpret this provision to include self-insured ERISA plans, jeopardizing the plans' control over the design and administration of plan benefits and potentially sparking legal challenges."
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| 6. |
Tikkun Magazine via Physicians for a National Health Program [PNHP]
Oct. 27, 2006
Excerpt: Some aspects of what the people want are clear enough. Over and over, we are told that individuals want the right to choose their own doctors. Doctors want to regain control over their patients' care -- they don't want insurance company bean counters telling them what to do. Patients and doctors want evidence-based standards for appropriate medical care -- not formularies dictated by pharmaceutical companies.
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| 7. |
Controller John Chiang, California State Controller's Office
Dec. 14, 2011
These model disclosure elements are meant to supplement rather than replace the current standards of practice. They represent an inventory of disclosure elements that actuaries should strive towards including in their reports on the actuarial valuations of public retirement systems in the State of California.
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| 8. |
California Public Agencies Are Required to Report Their 401(a) Plans to The State on an Annual Basis
Best Best & Krieger
Mar. 4, 2024
"[T]he State Controller's Office (SCO) confirmed that the SCO indeed expects all California public employee retirement systems to annually furnish it with a 'Financial Transactions Report' (FTR) and audited financial statements. According to the SCO, the term 'public employee retirement systems' ... includes all independently maintained public agency Internal Revenue Code Section 401(a) plans, whether they are defined benefit or defined contribution."
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| 9. |
Calpensions
Dec. 22, 2014
"The debt or 'unfunded liability' [California] state Controller John Chiang reported last week for state worker retiree health care, $72 billion, is larger than the unfunded liability for state worker pensions reported by CalPERS in April, $50 billion.... More than two decades ago legislation created a pension-like investment fund in the state treasurer's office to help pay for state worker retiree health care. But lawmakers never put money in the retiree health care fund."
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| 10. |
California Public Policy Center
Feb. 20, 2013
"Moody's and GASB: Unlikely sparks to fire a revolution.... Using the data from a March 20, 2012 report from the California State Controller ... [the] study revalued the official unfunded pension fund liability -- for all state and local government pension funds -- exactly according to Moody's proposed guidelines. The result was dramatic. Instead of California's total public employee pension plans being underfunded by $128.3 billion, which is the state controller's official estimate, the amount of underfunding nearly tripled, to 328.6 billion."
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