CSR | Political Activity

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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CalPERS board member stripped of leadership roles because of FPPC violations

Posted Oct 15, 2014 by newspaper editor    0 Comment(s)  0 Likes Like Dislike

CalPERS board member Priya Mathur was removed from board leadership positions today because of her latest campaign-finance disclosure infractions.

Mathur was removed as board vice president and chair of the Pension and Health Benefits Committee. The decision was announced by board President Rob Feckner. No replacement as board vice president was immediately named. George Diehr was named acting chair of the pension committee.

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Stockton bankruptcy case could hurt public workers

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

The investment house Franklin Templeton's effort to knock down the city of Stockton's proposal to emerge from bankruptcy portrays the case as one in which Franklin is defending itself against three big, faceless adversaries.

These are CalPERS, California's enormous public pension agency, and "the City and its organized labor allies." Franklin objects that they're angling to preserve their preferential position in the bankruptcy reorganization, while cramming down big losses on Franklin, which holds more than $36 million in city debt, of which some $32 million is unsecured. The city proposes to pay Franklin about 1 cent on the dollar for that unsecured portion.

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