Posts Tagged: billion

Target: CalPERS’ private equity profits

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

by ED MENDEL posted 07.07.2015

Calpensions: After the board was told last April that CalPERS could not track the incentive payments, known as “carried interest,” a wave of media criticism grew with stories in the New York Times late last month and Fortune magazine last week. A pension fraud investigator, Edward Siedle of Benchmark Financial Services, launched an Internet fund-raising campaign on Kickstarter to raise $750,000 for a “forensic investigation” of the California Public Employees Retirement System.

CalPERS eyes long-term rate hike

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

by ED MENDEL posted 06.02.2015

CalPERS is considering small increases in employer and employee rates over decades to reduce the risk of big investment losses, a policy that also would lower an earnings forecast critics say is too optimistic. The proposal is a response to the “maturing” of a CalPERS system that soon will have more retirees than active workers. From two active workers for each retiree in 2002, the ratio fell to 1.45 to one by 2012 and is expected to be 0.8 to 0.6 to one in the next decades.

Does SCOTUS ruling ease cuts to public retirees’ health care?

Two senior women exercising at a health club. (Photo: Karel Hoppe)

by ED MENDEL posted 03.16.2015

A U.S. Supreme Court ruling in January weakens the “vested rights” protection of retiree health care based on a labor contract, potentially making it easier for government employers to cut a growing cost. The high court overturned an influential federal appeals court ruling that said retiree health care authorized by a short-term labor contract is presumed to be a lifetime benefit, unless the contract has clear language to the contrary.

OPINION: By accelerating the development and deployment of alternatives to oil, California’s Low Carbon Fuel Standard—which the Air Resources Board will consider this week —helps untangle us from regimes that do not share our values. It helps make our nation stronger by weakening regimes that use oil to pay for their murderous acts, and makes the world a little bit safer.

Retiree health care debt: Brown and his accounting loophole

A physician flanked by the California flag. (Illustration: Niyazz, via Shutterstock).

by DAVID CRANE posted 02.16.2015

OPINION: Imagine your friend built up $10,000 of debt from buying Christmas presents on credit. When he announces an intention to eliminate that debt, you ask how. He answers that, from now on, he’s going to purchase Christmas presents only with cash. Confused, you ask, “How do you pay off debt by not incurring more debt?” His response: “I don’t know, but my accountant says it works!” Believe it or not, that is the proposal California Governor Jerry Brown just made to eliminate $72 billion in state retiree health care debt.

No way in: Millions of people excluded from ACA

Photo of Dominga Sarabia by Lily Dayton, design by Cathy Krizik (HealthyCal.org)

by LILY DAYTON posted 01.21.2015

California Health Report: An estimated 
2.6 million undocumented California residents are explicitly barred by law from the benefits of the Affordable Care Act (ACA). The legislation has been a huge boon for many Californians: More than 3 million previously uninsured Californians gained health insurance since the start of the ACA’s first enrollment period. Almost 30 percent of the remaining uninsured, however, are undocumented immigrants who are ineligible for both Medi-Cal and assistance through Covered California.

Brown: State workers should pay more for retiree health care

Gov. Brown unveils his 2015-16 budget draft in the Capitol. (Photo: State of California)

by ED MENDEL posted 01.16.2015

Gov. Brown wants state workers to begin paying half the cost of their future retiree health care — a big change for workers making no payments for coverage that can pay 100 percent of the premium for a retiree and 90 percent for their dependents. The governor also wants state workers to be given the option of a lower-cost health insurance plan with higher deductibles.

Calpensions: In a few years CalPERS retirees are expected to outnumber active workers, a national trend among public pension funds that makes them more vulnerable to big employer rate increases. The growing number of retirees, partly due to aging baby boomers, is one reason a staff report last week argues that CalPERS has too much “risk.”

Voters may be apathetic on Election Day, but there are some people in California who are excited indeed about the ballot – those who have a big pocketbook interest in the outcome. Campaign spending on six ballot propositions has approached a quarter-billion dollars – a hefty price tag, even in California

Bullet train path looking smoother

In an artist's rendering, California's proposed bullet train zips along the Central Valley. (Illustration: High Speed Rail Authority)

by DOROTHY MILLS-GREGG posted 10.24.2014

California’s $67.5 billion bullet train has been described as “off-track” so long that some thought it was permanently derailed. In fact, the outlook has brightened: A series of court decisions, a move by Gov. Brown to pump money into the effort and an awakening interest from high-dollar investors has given the huge project new momentum.