Wednesday, September 17, 2014

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Reed's pension measure is scrapped

Posted Mar 14, 2014 by Editor    0 Comment(s)  0 Likes Like Dislike

  SAN JOSE MERCURY NEWS -- Mayor Chuck Reed on Friday abandoned what was supposed to be his crowing [Read More...]

San Jose Mayor Chuck Reed tweaks public pension ballot proposal

Posted Nov 14, 2013 by Editor    0 Comment(s)  1 Likes Like Dislike

Sacramento BeePublished Wednesday, Nov. 13, 2013San Jose Mayor Chuck Reed has revised the public [Read More...]

25,000 CalPERS members have not received their CalPERS ballots

Posted Sep 25, 2013 by Editor    0 Comment(s)  0 Likes Like Dislike

Important Announcement Regarding Board ElectionIt has come to our attention that approximately [Read More...]

CalPERS candidate forum is set for Sept. 5

Posted Aug 28, 2013 by Editor    1 Comment(s)  -1 Likes Like Dislike

    The public is invited to learn more about the candidates running for Seat A and Seat B on the [Read More...]

CSR to fight pension data release by CalPERS

Posted Jul 11, 2013 by Editor    0 Comment(s)  4 Likes Like Dislike

For immediate release                                                                       July 11, [Read More...]

CSR Board hikes dues for top retirees

Posted Dec 04, 2012 by Editor    0 Comment(s)  2 Likes Like Dislike

Retirees who receive $4,000 or more in their monthly retirement warrants will see a $2 hike in their CSR dues payment beginning Jan. 1, 2013.

Dues will stay the same for CSR members who make less than $4,000 a month. It has been more than a decade since CSR raised dues for any of its members.

[Read More...]

CSR suggests candidates in the Nov. 6 election

Posted Oct 19, 2012 by Editor    0 Comment(s)  0 Likes Like Dislike

The California State Retirees Board of Directors is endorsing the following candidates in the Nov. 6 General Election.

Recommendations were made to the board by the CSR Political Action Committee (PAC), which considers each candidate’s voting record on issues such as protecting pensions and health benefits for state retirees.

[Read More...]

CalPERS approves long-term care premium increase

Posted Oct 18, 2012 by Editor    1 Comment(s)  1 Likes Like Dislike

      The California Public Employees’ Retirement System (CalPERS) Board of Administration Oct. 17 approved an 85 percent premium increase for early purchasers of its Long-Term Care (LTC) Insurance Program policies. The increase, to be spread over two years, is being implemented to help stabilize the program’s underlying Long-Term Care Fund and will take effect July 2015.

      Members who opt to cover the increase in a single year will pay only 79 percent. Policyholders affected by the increase purchased two types of policies between 1995 and 2004: policies with lifetime benefits with inflation protection, and policies with lifetime benefits without inflation protection (California Partnership policies will be excluded).

[Read More...]

CalPERS weighs huge premium hike for long-term care

Posted Oct 04, 2012 by Editor    2 Comment(s)  -2 Likes Like Dislike

It's an old-age safety net offered to California public employees: insurance to cover the exorbitant cost of staying in nursing homes, assisted-living facilities and the like.

Now most of the 150,000 or so Californians who buy long-term care insurance from CalPERS are facing what could be a big rate hike.

CalPERS is considering imposing a 75 percent increase in premiums on the vast majority of its long-term care policyholders. They would pay hundreds of dollars a year more – thousands, in some cases – as the California Public Employees' Retirement System tries to fix financial holes in the program.

[Read More...]

Steinberg: Lawmakers consider cap on pensions, not hybrid

Posted Aug 27, 2012 by Editor    0 Comment(s)  -1 Likes Like Dislike

Lawmakers charged with overhauling California's state and local public pension law are considering a plan to cap defined benefit pensions that would not include a second 401(k)-style component common in so-called "hybrid" retirement plans. "There will be a cap," Senate President Pro Tem Darrell Steinberg, D-Sacramento, during a hallway press conference this afternoon with Capitol reporters.

[Read More...]

Media is wrongly hyping pensions as a cause of city bankruptcies

Posted Aug 08, 2012 by Editor    1 Comment(s)  1 Likes Like Dislike

The Sacramento Bee
By Rob Feckner

If there is one thing I have learned in my time on the CalPERS board it's this – a little perspective goes a long way. This is especially true when it comes to the news coverage of CalPERS' recently announced investment returns for last fiscal year and the criticism of pensions in municipal bankruptcies. Let me offer a little perspective.

Last fiscal year, CalPERS earned a 1 percent return on our investments. The news has caused some people, including the media, to claim that the sky is falling and to demand that CalPERS "get real" and lower our investment assumptions. A few people have even personally blamed our investment staff.
[Read More...]

Legislators take on pension reform

Posted Aug 06, 2012 by Editor    0 Comment(s)  0 Likes Like Dislike

After a monthlong break, the Legislature returns to work at the Capitol on Monday to take on one of the Golden State's thorniest issues: public employee pensions.

The Senate and Assembly have just four weeks to vote on hundreds of bills before the two-year session concludes at the end of the month, but the main focus will be on changing the pension compensation system.

Just what those changes will entail is unclear. Gov. Jerry Brown has proposed increasing the retirement age and creating a hybrid system that includes a 401(k)-style benefit, among other things, but lawmakers have yet to approve those or anything else.
After a monthlong break, the Legislature returns to work at the Capitol on Monday to take on one of the Golden State's thorniest issues: public employee pensions.

[Read More...]

Consider a few things before cutting pensions

Posted Jun 20, 2012 by Editor    0 Comment(s)  1 Likes Like Dislike

June 20, 2012

(Reuters) - The message from voters about public pension plans is clear: They're ready to cut the retirement benefits of police, firefighters, teachers and other state and municipal workers.

The latest indicators include the failed recall of Gov. Scott Walker in Wisconsin - which started with his efforts to cut pensions - and referendums in San Jose and San Diego, where voters overwhelmingly backed pension reform measures.

A recent study by the U.S. Government Accountability Office found that 35 states have reduced pension benefits since the 2008 financial crisis, mostly for future employees. Eighteen states have reduced or eliminated cost-of-living adjustments (COLA) - and some states have even applied these changes retroactively to current retirees.

This week, the Pew Center on the States reported that states are continuing to lose ground in their efforts to cover long-term retiree obligations. In fiscal year 2010, the gap between states' assets and their obligations for retirement benefits was $1.38 trillion, up nearly 9 percent from fiscal 2009. Of that figure, $757 billion was for pensions, and $627 billion was for retiree health care.

[Read More...]

CalPERS OKs 9.5 percent health premium hike, but Medicare recipients are spared

Posted Jun 13, 2012 by Editor    1 Comment(s)  -1 Likes Like Dislike

CalPERS today approved a roughly 9.5 percent increase in health insurance premiums. The pension fund's governing board voted unanimously to approve the increase, which will cost the average CalPERS member another $30 a month in premiums. The increase takes effect Jan. 1.

It represents one of the biggest increases in years for CalPERS, which covers 1.3 million public workers and retirees and is one of the largest purchasers of the health care in the nation.

[Read More...]

Jerry Brown moves to eliminate retiree workers

Posted Jun 13, 2012 by Editor    3 Comment(s)  -4 Likes Like Dislike

As Friday's state budget deadline approaches, a little-noticed provision in Gov. Jerry Brown's proposal would cut off thousands of retirees who return to work for the state.

The idea targets all but the most essential of the state's so-called "retired annuitants," a group of about 5,800 workers who drew $110 million in pay from the state last year on top of their pensions.

The Democratic governor's proposal could strike a chord with taxpayers by appearing to crack down on double-dipping. It also appeals to public employee unions – which want to eliminate jobs they believe stunt the growth of the regular workforce – at the same time he's asking union workers to accept furloughs and a 5 percent pay cut.

[Read More...]

Backlog at California's CalPERS fund worse than before new computer system launched

Posted Apr 18, 2012 by Editor    0 Comment(s)  1 Likes Like Dislike

The line at CalPERS' customer service window is getting longer.

After converting to a half-billion-dollar computer system to process benefits for hundreds of thousands of California public agency retirees last September, backlogs for some services are worse than before the project launched.

The new hardware and software installed by New York-based tech firm Accenture aimed to consolidate 49 old data systems into one when it launched last September, two years late at nearly twice its original $279 million budget. The California Public Employees' Retirement System committed another $6.8 million in December, bringing the total cost to $514 million. The money has come from CalPERS assets, currently valued at $234 billion.

Meanwhile, fund members have complained that a system intended to speed up service and boost efficiency has done the opposite.

 

[Read More...]

Legislative panel working on ‘hybrid’ pension

Posted Apr 11, 2012 by Editor    0 Comment(s)  0 Likes Like Dislike

SANTA ROSA — A two-house legislative committee is working with Gov. Brown’s Department of Finance on a ‘hybrid’ retirement plan for new state and local government hires, a committee member told a forum here last week.

Assemblyman Michael Allen, D-Santa Rosa, twice referred to a “cash balance” plan while talking about a cost-cutting hybrid, proposed by Brown, that combines a lower pension with a 401(k)-style individual investment plan.

[Read More...]

GAO Study Highlights Trends in Pension Reform, Challenges Nationwide

Posted Apr 04, 2012 by Editor    0 Comment(s)  0 Likes Like Dislike

A new study by the U.S. Government Accountability Office provides additional insight into the challenges facing not only California’s pension system, but also public pensions across the country.

[Read More...]

Group suspends California public pension reform ballot effort

Posted Feb 09, 2012 by Editor    1 Comment(s)  0 Likes Like Dislike

The cause of pension reform in California took a significant body shot Wednesday when a group hoping to put an overhaul measure before voters this year suspended its campaign.

Beleaguered by fundraising problems and questions about the viability of its proposals, California Pension Reform shut down its efforts. The group's officials blamed the demise on a "false and misleading" summary of the plan by Attorney General Kamala Harris, a charge the Democrat denied.

The death of California Pension Reform's efforts also wounded Gov. Jerry Brown's pension proposals to the Democratic-controlled Legislature, one analyst said, by removing the threat of a more draconian measure going before voters.

[Read More...]

Study: Public, private workers' retirement wealth roughly equal

Posted Oct 06, 2011 by Editor    0 Comment(s)  -1 Likes Like Dislike

    A new study by the Center for Retirement Research and Boston College refutes the notion that state and local government workers as a group end up a lot richer than their private sector counterparts.  [Read More...]

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CSR Legislative Report

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Long-term care changes
Please view this video from CalPERS regarding the changes to LTC.

 


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2014 CSR Benefits Directory

The 2014 CSR Benefits Directory is ready to download. Click on the image below to download the PDF.

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Current Issues of Our Paper

Welcome, members of California State Retirees! You receive our newspaper in the mail, and now you can get it on our web site. Click below to read the issue of your choice. You'll need the free Adobe Reader software if you don't have it already. 

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Many Reasons to Join
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Help protect your pension and health care by joining California State Retirees. Call (888) 808-7197 or fill out an application. Print this application, fill it out and send it to us.

The sooner you become a member, the sooner we can join together to protect our pensions and health care.
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Political Action

Do your part to protect our pensions, health care and benefits – Join the new political action committee for California State Retirees today!

Click here to see the California State Retirees PAC application. Print it out, fill it out and mail it to California State Retirees, 1108 O St., Suite 300, Sacramento, CA 95814. 

Take action! Contact legislators, write letters to the editor and more!

 

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CalPERS Member Web Site

CalPERS has introduced the first release of a new, secure Web site designed with members in mind. my|CalPERS allows members to view and manage their personal information, and conduct their financial and retirement planning activities in a quick and secure way.


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