Posts Tagged: cut

News

California farmers in the crosshairs

Harvesting at a Central Valley farm on a summer's day. (Photo: mikeledray, Shutterstock)

California’s farmers are getting nervous — understandably. The Trump administration wants to slash the budget of the U.S. Department of Agriculture, cutting one out of every five dollars of the department’s discretionary spending.

News

San Bernardino eyes cuts of police retirees’ pensions

San Bernardino police officers, members of the SWAT team. (Photo: Juno Kughler Carlson, omnitrans.org) omnitrans.org

San Bernardino’s plan to exit bankruptcy, possibly next year, cuts the pensions of 23 retired police officers who receive an unusual supplement to their regular CalPERS pension. The supplement boosts pensions to the same amount now common among police and firefighters, a standard set by the Highway Patrol in a CalPERS-sponsored bill, SB 400 in 1999.

News

CalPERS to Vernon pension abuser: Give back $3.5 million

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

First CalPERS announced last year that it was cutting the eye-popping pension of a former city of Vernon official, Bruce Malkenhorst, from $551,688 a year to $115,848. Then yesterday the CalPERS board approved the recovery of a $3.5 million pension overpayment from Malkenhorst, 84, who retired in 2005 from the tiny industrial city south of downtown Los Angeles known for corruption.

News

Pension spiking’s ‘poster child’

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

A Moraga-Orinda fire chief drew national attention six years ago for retiring at age 50 with a pension much larger than his base pay. He went back to work as chief the following Monday, hired as a consultant with full salary. “People point to me as a poster child for pension spiking, but I did not negotiate these rules,” Peter Nowicki said.

News

CalSTRS eyes hike in death benefit

Students in a classroom get instruction from a teacher. (Photo: Areipa.It, Shutterstock)

Because the system is underfunded, the CalSTRS board has made no inflation adjustment in the death benefit since 2002. The board was told that it could have increased the death benefit by about 34.7 percent during the period.

News

Contracting out, bankrupt San Bernardino cuts pension costs

On the outskirts of San Bernardino. (Photo: Steve Heap)

A San Bernardino plan to exit bankruptcy follows the path of the Vallejo and Stockton exit plans, cutting bond debt and retiree health care but not pensions. Then it veers off in a new direction: contracting for fire, waste management and other services. The contract services are expected to reduce city pension costs. Other pension savings come from a sharp increase in employee payments toward pensions and from a payment of only 1 percent on a $50 million bond issued in 2005 to cover pensions costs.

News

Judge: Pension cuts difficult

Calpensions: A federal judge, who earlier ruled CalPERS pension contracts can be overturned in bankruptcy, yesterday outlined the difficulty of cutting pensions while approving Stockton’s plan to exit bankruptcy with pensions intact.

News

Pensions remain a puzzle in Stockton bankruptcy

A view of downtown Stockton. (Photo: Wikimedia Commons)

Calpensions: A federal judge ruled last week that Stockton’s CalPERS pensions can be cut in bankruptcy. But Stockton does not want to cut pensions, and the lone holdout creditor says it can be paid without cutting pensions. U.S. Bankruptcy Judge Christopher Klein may have clarified the legal issue of whether CalPERS pensions, widely regarded as untouchable, can be cut if any of the 1,581 local governments in the giant system take the drastic step of bankruptcy.

News

Pensions key to Stockton bankruptcy

Waterfront, Stockton, Calif., at Weber Point. (Photo: Terrance Emerson)

Calpensions: During a hearing Oct. 1 on Stockton’s “plan of adjustment” to cut debt and emerge from bankruptcy, there may be a landmark ruling on whether CalPERS pension debt can be cut in bankruptcy.

Opinion

The fallacy of forest ‘offsets’

Banana trees in the forest at Agua Azul waterfall, Chiapas, Mexico. (Photo: Elisa Loco)

OPINION: When it comes to reducing California’s climate emissions, should we allow companies to pollute our local communities, while paying our neighbors in Mexico to clean up the carbon? Should we gamble our climate policies on saving trees in other countries that can easily be destroyed by forest fires, just so that we can indulge in our own emissions instead of reducing them responsibly?

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