Posts Tagged: CalPERS

Recent News

CalPERS president loses board seat to policeman

CalPERS headquarters, downtown Sacramento. (Photo: CalPERS)

The new CalPERS president, Priya Mathur, lost her board seat this week, defeated by a Corona police sergeant, Jason Perez, who wants to shift the $360 billion investment fund toward higher yields that secure pensions with less focus on social issues. Mathur, a Bay Area Rapid Transit District analyst serving on the board since 2002, rose to the leadership post in January.

News

CalPERS may join union foes of 401(k) option

The CalPERS headquarters in Sacramento. (Photo Shutterstock)

A bill by state Sen. Steven Glazer, D-Orinda, giving new state workers the option new University of California workers received two years ago, a 401(k)-style plan rather than a pension, is opposed by unions and soon may be opposed by CalPERS. More than a third of eligible new UC employees have chosen a 401(k)-style plan. Instead of a guaranteed lifetime monthly pension check, the 401(k) plan that replaced pensions in most of the private sector uses individual tax-deferred investments to build a retirement fund.

News

CalPERS seeks legislation to fix pension error

CalPERS headquarters, downtown Sacramento. (Photo: CalPERS)

CalPERS wants unions and local government groups to come up with legislation that would retroactively correct a mistake that could lead to more pension cuts, like the 63 percent reduction last July in pensions promised about 200 former employees of LA Works.

News

A city fights with CalPERS’ costs

CalPERS headquarters, downtown Sacramento. (Photo: CalPERS)

Monrovia’s city manager, Oliver Chi, told the city council the budget could absorb the CalPERS employer pension rate increases enacted in 2012, 2013, and 2014 — but a large fourth rate increase last December could push the city into insolvency.

News

Pension woes cloud small fire district

A San Francisco fire truck and crew prepare for duty.(Photo: Shutterstock)

A worried Herald Fire Protection District board discussed the possibility last week that the fee for leaving CalPERS may be around $400,000, an amount some members fear could push the small district in southern Sacramento County into bankruptcy. Earlier this month, Transparent California reported that the suburban Sacramento Metropolitan Fire District has 216 retirees receiving annual pensions of $100,000 or more, and a dozen of those are $200,000, or more.

News

CalPERS steps up on climate change

CalPERS headquarters, downtown Sacramento. (Photo: CalPERS)

CalPERS is a leader in forming a first-ever global alliance of large investors that would use its combined shareholder clout to engage companies with the most carbon emissions, believed by scientists to contribute to climate change. The CalPERS board was told last week that its staff is working with others to complete the plan in time for an introduction at a United Nations investor meeting next month in Berlin, followed by a public launch in November at a UN climate change meeting in Bonn.

News

California’s boldest pension reform, five years in

Photo illustration of a nest egg. (Photo: Hidesy, via Shutterstock)

If you don’t give city employees a pension, what happens? San Diegans voted five years ago this month to switch all new city hires, except police, from pensions to 401(k)-style individual investment plans, becoming one of the first big cities to take the plunge.

News

State pension systems: NY outperforms California

The CalPERS board of governors during a meeting at the pension system's headquarters. (Photo: CalPERS)

New York state pension systems are better funded than California state pension systems, currently take a smaller bite out of state and local government budgets, and still provide pension benefits well above the national average. How do they do it?

News

CalPERS makes debt, cost difficult to see

CalPERS' governing board during a 2013 meeting. (Photo: CalPERS board)

Calpensions: New annual CalPERS reports no longer prominently display the pension debt of local governments as a percentage of pay, making it more difficult for the public to easily see the full employer pension cost.

News

CalPERS acts to cut earnings forecast, raise rates

CalPERS' governing board during a 2013 meeting. (Photo: CalPERS board)

Calpensions: A key committee yesterday approved a drop in the often-criticized CalPERS investment earnings forecast, gradually raising record rates already being paid by state and local governments, if approved as expected by the full board today.

Support for Capitol Weekly is Provided by: