CSR | Political Activity
Articles for category Retirement

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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Governor releases his proposed state budget

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

Governor Edmund G. Brown Jr. on Jan. 9 proposed a balanced budget that injects billions of dollars more into schools and health care coverage, holds college tuition flat and delivers on Propositions 1 and 2 by investing in long overdue water projects and saving money, while continuing to chip away at the state’s other long-term liabilities – debt, infrastructure, retiree health care and climate change.

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CalPERS issues statement on proposed state budget

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

 Anne Stausboll, Chief Executive Officer for the California Public Employees’ Retirement System (CalPERS) issued the following statement today in response to the proposed state budget and efforts to reduce health care costs today and in the future:

"Managing and paying for the cost of health care for public employees requires discipline, collaboration and innovation. We applaud the Governor’s wisdom to do what CalPERS and many public employers have done in recent years, tackling the cost of health care and retiree health care," Stausboll said.

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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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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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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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