CSR | Legislative Activity
Articles for category Retirement

Congress agrees to allow cuts to some retiree benefits

Posted Dec 11, 2014 by newspaper editor    0 Comment(s)  0 Likes Like Dislike

Retirees covered by financially troubled multiemployer pensions could soon see their benefits cut under a congressional spending deal to keep the government running, the Associated Press (AP) reported Dec. 10.

The plan does not affect public pensions like those under CalPERS, but California State Retirees is closely monitoring this and all other pension issues and trends.

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Congressional leaders hammer out deal to allow pension plans to cut retiree benefits

Posted Dec 10, 2014 by newspaper editor    1 Comment(s)  0 Likes Like Dislike

The following article appeared on the Washington Post website regarding a plan that would allow pension plans to cut retiree benefits. The California State Retirees is closely monitoring this legislation, and assessing the impact. We will keep our members apprised as new information becomes available. The article is presented below for your information. California State Retirees

The Washington Post -- A measure that would for the first time allow the benefits of current retirees to be severely cut is set to be attached to a massive spending bill, part of an effort to save some of the nation’s most distressed pension plans.
 
The rule would alter 40 years of federal law and could affect millions of workers, many of them part of a shrinking corps of middle-income employees in businesses such as trucking, construction and supermarkets.

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New research shows defined benefit plans can provide pensions at half the cost of individual accounts

Posted Dec 04, 2014 by newspaper editor    0 Comment(s)  0 Likes Like Dislike

A new report finds that defined benefit (DB) pension plans are a far more cost-efficient means of providing retirement income as compared to individual defined contribution (DC) accounts. The study calculates that the economic efficiencies embedded in pensions enable these retirement plans to deliver the same retirement income at a 48% lower cost than 401(k)-type DC accounts.

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Appeal threatens federal court ruling on Stockton bankruptcy

Posted Nov 14, 2014 by newspaper editor    0 Comment(s)  0 Likes Like Dislike

Taking aim again at government pensions, an angry creditor in Stockton’s bankruptcy case is appealing a pivotal court ruling that preserved the city’s retirement plans.

Franklin Templeton Investments filed a notice of appeal this week, challenging the Oct. 30 decision that approved Stockton’s reorganization plan. The plan keeps the pensions fully funded but pays Franklin, which loaned the city $36 million during better economic times, just 12 cents on the dollar.

 

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Former CSR Board Member Max Turchen passes away

Posted Nov 05, 2014 by newspaper editor    0 Comment(s)  0 Likes Like Dislike

Max Turchen, a longtime CSR board member and political activist, passed away Oct. 31 at the age of 94. “Max was a tireless champion for the rights of retirees and workers, and he will be sorely missed,” said CSR President Tim Behrens. “He was dedicated, hard working and most importantly – he was a good man.”

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CalPERS gets $249 million settlement from Bank of America

Posted Nov 04, 2014 by newspaper editor    1 Comment(s)  0 Likes Like Dislike

CalPERS said Nov. 3 it has received a $249.3 million payment from Bank of America, the result of a settlement over toxic mortgage securities purchased by the pension fund during the housing bubble. With the Bank of America settlement, the California Public Employees’ Retirement System said it has now recovered more than $500 million from its investments in bad mortgage securities.

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Judge allows Stockton to proceed with bankruptcy plan

Posted Oct 30, 2014 by newspaper editor    0 Comment(s)  0 Likes Like Dislike

A bankruptcy judge today approved the city of Stockton’s plan for repaying creditors, a plan to keeps pensions intact despite the objections of a disgruntled investment firm. U.S. Bankruptcy Judge Christopher Klein approved the city’s plan during a two hour hearing in U.S. Bankruptcy Court in Sacramento, rejecting the complaints from San Mateo-based Franklin Templeton Investment over how it is being treated. Franklin, which is getting repaid about 12 cents on the dollar over some bond debts, had argued its treatment was unfair in light of the city’s refusal to reduce pension contributions to CalPERS.

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California State Retirees President Tim Behrens responds to bankruptcy ruling

Posted Oct 30, 2014 by newspaper editor    0 Comment(s)  0 Likes Like Dislike

“Today’s ruling in federal bankruptcy court is a victory for public employees and working people in general because it strengthens the sanctity of pensions that people have earned over long careers in public service.

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Judge rules in favor of Stockton bankruptcy plan

Posted Oct 30, 2014 by newspaper editor    0 Comment(s)  0 Likes Like Dislike

Anne Stausboll, Chief Executive Officer of the California Public Employees’ Retirement System (CalPERS) issued this statement in response to a federal bankruptcy judge’s ruling that confirms the City of Stockton’s plan of adjustment to exit bankruptcy:

“We are pleased that the City of Stockton will emerge from bankruptcy and can now chart a path forward under a plan of adjustment that protects the pension promises made to its public employees ... "

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Governor makes key personnel appointments

Posted Oct 22, 2014 by newspaper editor    0 Comment(s)  0 Likes Like Dislike

Gov. Jerry Brown on Monday appointed Richard Gillihan to head the California Department of Human Resources, where he has served in an acting role since February. In his new position, Gillihan will also serve on the CalPERS Board of Administration.

Gillihan, 46, took over after Julie Chapman suddenly stepped down amid criticism that the department lacked leadership. His appointment broke a chain of CalHR chiefs who were labor insiders or bureaucrats who had come up through the department in favor of a technology expert and fiscal manager from the Department of Finance.

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