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Articles for category State Economy

California’s pension debt puts it $175.1 billion in the red

Posted Mar 18, 2016 by newspaper editor    0 Comment(s)  1 Likes Like Dislike

Gov. Jerry Brown uses charts to outline his proposed 2016-17 budget. The budget pegs unfunded retiree health care debt at $71.8 billion.

Although its 2014-15 budget was balanced, California’s state government ended the fiscal year $175.1 billion in the red, thanks largely to state retirement obligations that had to be included in its balance sheet for the first time.

Under new rules by the Governmental Accounting Standards Board, state and local governments must list unfunded pension liabilities as debts alongside the more traditional bonds and other forms of debt.

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David Crane swings and misses on CalPERS investments

Posted Jul 22, 2015 by newspaper editor    0 Comment(s)  0 Likes Like Dislike

In an email to journalists and election officials, David Crane arrives at a false conclusion with his claim that CalPERS unfunded actuarial liability (UAL) will continue to grow unless the system achieves a return of at least 9.7%, not the 7.5% CalPERS currently assumes.

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CalPERS chief to cut volatility of pension fund

Posted Jul 16, 2015 by newspaper editor    0 Comment(s)  -1 Likes Like Dislike

The California Public Employees' Retirement System, projected to have negative cash flow for at least the next 15 years, is looking to recast investment priorities to slash the complexity and volatility embedded in its $301-billion portfolio, officials said on Tuesday.

Fund officials, recognizing that the wave of retiring baby boomers means it will pay out more in benefits than it takes in from contributions and investment income - a gap that could reach $10 billion by 2030 - are expecting to pivot more toward assets that deliver reliable income than in the past.

 

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CalPERS releases report on investments and their benefits

Posted Jun 17, 2015 by newspaper editor    0 Comment(s)  0 Likes Like Dislike

The California Public Employees’ Retirement System (CalPERS) today released its annual CalPERS for California Report, detailing the broad ancillary benefits the System’s investments generated in California for the 2013-14 Fiscal Year. Additionally, CalPERS released an updated version of the California Initiative Report, highlighting a program that encourages investments in companies located in traditionally underserved California markets.

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Governor unveils revised budget

Posted May 15, 2015 by newspaper editor    0 Comment(s)  0 Likes Like Dislike

On Thursday, Gov. Jerry Brown (D) released the revised version of his fiscal year 2015-2016 budget plan, which includes several health care proposals, the Los Angeles Times reports.

The revised $169 billion budget is more than $4 billion larger than the original proposal unveiled in January (Megerian, Los Angeles Times, 5/14). The revised plan would increase health and social services spending by about $1.7 billion (Richman, San Jose Mercury News, 5/14).

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Turbo Tax reports data breach, suspends online filings

Posted Feb 06, 2015 by newspaper editor    0 Comment(s)  0 Likes Like Dislike

WALL STREET JOURNAL -- The nation’s biggest online tax-software company halted electronic filing of all state returns amid reports from states of criminal attempts to obtain refunds through its systems.

Intuit said its TurboTax unit took action Thursday after seeing attempts to use stolen personal information to file fraudulent returns for tax refunds.

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CalPERS fiscal health improves

Posted Jan 14, 2015 by newspaper editor    0 Comment(s)  0 Likes Like Dislike

A new report on the fiscal health of CalPERS shows an estimated funding level of 77 percent for the Public Employees’ Retirement Fund (PERF) in 2014 – a positive growth of more than 7 percentage points over 2013. The PERF was funded at 69.8 percent as of June 30, 2013 based on the most recent actuarial value of assets. The PERF is the main pension trust fund that pays retirement benefits.

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CSR's legislative advocate Ted Toppin reviews the governor's proposed budget

Posted Jan 09, 2015 by newspaper editor    0 Comment(s)  0 Likes Like Dislike

Budget deliberation kicked off in the Capitol this morning with the release of Governor Brown’s proposed 2015-2016 state budget.  He proposes $113.3 billion in general fund and $51.4 billion in special fund expenditures making for a $164.7 billion spending plan.  This represents a 1.4 percent bump over current year spending.

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Brown's budget aims at retiree costs

Posted Dec 18, 2014 by newspaper editor    0 Comment(s)  0 Likes Like Dislike

It’s official: Gov. Jerry Brown’s January budget proposal will include a plan to reduce the nearly $72 billion in unfunded promises the state has made to pay retiree health benefits.

Now how to pay it? Answer: Money in the rainy day fund that voters approved just last month, Proposition 2.

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CalPERS chief executive comments on Stockton bankruptcy case

Posted Oct 09, 2014 by newspaper editor    0 Comment(s)  0 Likes Like Dislike

The ruling last week by a federal bankruptcy judge in Stockton’s bankruptcy case has caused many to speculate about the future of pensions. Public employees, retirees, employers, lawyers, taxpayers and journalists have legitimate questions and concerns (“Bankruptcy case should be a loud warning to cities,” Editorials, Oct. 3).

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