CSR | Political Activity
Author: newspaper editor

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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Social Security announces 1.7 percent COLA for 2015

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

Monthly Social Security and Supplemental Security Income (SSI) benefits for nearly 64 million Americans will increase 1.7 percent in 2015, the Social Security Administration announced today.

The 1.7 percent cost-of-living adjustment (COLA) will begin with benefits that more than 58 million Social Security beneficiaries receive in January 2015. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2014. The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.

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Kaiser, Anthem Blue Cross and Cigna get good report cards

Posted Oct 16, 2014 by newspaper editor    0 Comment(s)  0 Likes Like Dislike

Kaiser Permanente's HMOs are the best in the state for providing recommended care, while Anthem Blue Cross and Cigna are the best at providing recommended care among PPOs, according to new report cards released by the California Office of the Patient Advocate, the Los Angeles Times reports (Terhune, Los Angeles Times, 10/16).

The report cards -- which usually go out in January -- were released early to coincide with the state health insurance exchange's second open enrollment period, which begins on Nov. 15 (Shinkman, Payers & Providers, 10/16).

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