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Search the News Archive
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232 Matching News Items |
| 1. |
Calpensions
Oct. 28, 2019
"A case that could result in the state Supreme Court reviewing the California Rule, which has overturned several voter-approved public pension cuts, is fully briefed and ready to be scheduled for oral arguments.... [T]he Supreme Court faces conflicting appeals court rulings, arising from former Gov. Brown's pension reform, and has a second chance to clarify how pensions can be cut or even lay out a new path."
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| 2. |
Calpensions
Sept. 9, 2019
"Until a pension reform six years ago, CalPERS and CalSTRS members could boost their pensions by buying credit for up to five years of service without doing the work, thus the name 'air time.' ... Could cash or another debt-free incentive for early retirement be as effective as air time, if reducing or avoiding layoffs during a staff reduction is a goal? The question is not asked in the CalPERS and CalSTRS golden handshake programs."
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| 3. |
Calpensions
July 29, 2019
"Investments earning 6.7 percent during the fiscal year that ended June 30 might seem like a good return ... [CalPERS] currently needs earnings of at least 7 percent to balance its books for the year. So the small loss, .3 percent, creates a new layer of debt to add to the many layers of debt from previous years with investment losses.... [U]nder a reform adopted by the CalPERS board last year new debt from investment losses will be paid off over 20 years instead of 30 years[.]"
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| 4. |
Calpensions
July 1, 2019
"Despite a fund reaching $368 billion last week during a record bull market, CalPERS is far from recovering its 100 percent funding in the year before the 2008 crash. It still has only 70 percent of the projected assets needed to pay growing future pension costs.... Last month the CalPERS board ... received a staff report on planning for the next 'drawdown,' defined as a 20 percent drop in the market for at least three months."
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| 5. |
Calpensions
June 17, 2019
"CalPERS is stepping up its ESG investment program, despite evidence that funds based only on environmental, social and corporate governance strategies have tended to underperform.... CalPERS is working with Wellington Management and the Woods Hole Research Center on quantitative models and other analytical tools to improve the assessment of climate risk and investment outcomes."
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| 6. |
Calpensions
June 3, 2019
"A new state workplace retirement savings program, CalSavers, will open to an estimated 250,00 to 300,000 employers on July 1 -- offering an automatic IRA payroll deduction for the 7.5 million California workers with no retirement plan on the job.... For businesses with five or more employees, the program is mandatory. They must offer employees CalSavers, or a qualified retirement plan chosen by the employer, to avoid a penalty for repeated non-compliance of $750 per employee."
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| 7. |
Calpensions
May 13, 2019
"In addition to using non-Proposition 98 state money to pay part of school rates, the governor's plan would spend $2.3 billion over four years to pay down the school district share of CalSTRS debt, saving more than $7 billion over three decades. With state aid to get over the hump of the last two years of rising CalSTRS rates, struggling school districts would then face rates, under current projections, that drop slightly and remain stable for more than two decades."
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| 8. |
Calpensions
Apr. 1, 2019
"Retiree health care costs and debt are rising rapidly in some cases ... due to increasing health care costs, longer life spans, and aging workforces. Many cities have taken steps to curb costs.... Thirteen of the 15 cities in the study are prefunding retirement health care, putting money in a pension-like investment fund to help pay future costs as recommended by the governor's commission in 2008. Fresno is still pay-go, only covering the annual cost."
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| 9. |
Calpensions
Mar. 11, 2019
"The ruling was a rare pension court loss for unions, led by Cal Fire Local 2881. While awaiting the next case, lawyers are analyzing the 45-page ruling ... for any hint of clarifying or reshaping the California Rule. Among the main points in the ruling is that public employment is ordinarily statutory, rather than contractual, and can be modified by the governing body." [Cal Fire Local 2881 v. CalPERS, No. S239958 (Cal. Mar. 4, 2019)]
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| 10. |
Calpensions
Feb. 11, 2019
"Transparent California, a website listing the pay and pension of state and local government employees, has filed a lawsuit to force CalPERS to identify retiree pensions with a one-word label as 'service' or 'disability.'... The Transparent California suit, in an example of how publicly identifying retirement could help curb fraud, cited a CalPERS news release on a hotline tip that led to the court-ordered recovery of $203,876 from a former state hospital worker in Coalinga."
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