Posts Tagged: active

News

CalPERS: Retirees begin to outnumber active workers

The CalPERS' governing board during a meeting several years ago at the pension fund's headquarters. (Photo: CalPERS board)

After a loss of $100 billion in the recent recession, the CalPERS funding level dropped from 100 percent in 2007 to 61 percent in 2009. It has not recovered, despite a major bull market in which the S&P 500 index of large stocks tripled. “Even with the dramatic returns we have seen over the past six years, because the demographics of plans in general have changed and plans are now by and large cash-flow negative, it’s been very challenging to dig out of that hole,” Andrew Junkin, a Wilshire consultant, told the CalPERS board last week.

News

Influencing lawmakers: A primer on special interests’ muscle

State Capitol, Sacramento. (Photo: Wikimedia)

ANALYSIS: When we think of “special interests,” we most often associate them with lobbying legislators. However, interest groups not only actively lobby in the legislative arena, but also they are active in efforts to influence state agencies and their regulatory activities. These interest groups vary depending on the role and function of the particular state agency.

News

Legislative legacy: Big bucks for retirees’ health care

Cannery Row workers of the 1950s depicted in an artistic cutout. (Photo: Mr. Interior/Shutterstock)

The debt or “unfunded liability” state Controller John Chiang reported last week for state worker retiree health care, $72 billion, is larger than the unfunded liability for state worker pensions reported by CalPERS in April, $50 billion. It’s a legislative legacy, a debt for state worker services received by one generation that lawmakers decided to let the next generations inherit.

News

Deal struck over Coastal Commission vacancy

The coast at La Jolla. Photo: Dancestrokes)

Under an unusual agreement reached between Senate leaders and a number of environmental groups just before the end of the legislative session, the period of time to consider the submitted list of candidates has been extended indefinitely. Such an extension is extremely rare, if not unprecedented.

News

Wealth gap draws Californians’ ire

FIELD POLL: Majorities of Californians are dissatisfied with the way income and wealth in the state are distributed and believe the gap between the rich and the rest of the population is greater now than in the past. Yet, the public is divided about the extent to which government should try to reduce the wealth gap.

News

Hunting retirees’ hidden health care debt

Calpensions: In a new step to expose hidden debt, the Governmental Accounting Standards Board last week proposed that retiree health care debt or “unfunded liability” be reported on the face of government financial statements, not buried inside.

News

Bigger health care bite for state retirees

The rapidly growing cost of state worker retiree health care, a more generous benefit than received by active state workers, soon could be taking a bigger bite out of the state general fund than pensions. As if trading places, a new forecast expects the annual general fund payment for state worker retiree health care, now $500 million less than the payment for pensions, to be $500 million more than the pension payment in six years.

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