Posts Tagged: pensions
Opinion
OPINION: Another round of alarmist commentary is being spread by those who begrudge a secure retirement for those who teach in our classrooms or heroically labor on the front lines of wildfires. Amidst their negativity Californians may have missed a bit of positive news last month. The state’s two largest pension funds reported end-of-year investment returns that again exceeded their assumed average annual rate of return.
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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.
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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.
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Calpensions: The state Supreme Court last week agreed to hear an appeal of a groundbreaking ruling that allows cuts in the pensions earned by current state and local government workers, including judges. When judges have an obvious conflict of interest and excuse themselves from ruling on a case, the legal term is “recuse.” But the seven Supreme Court justices seem unlikely to recuse themselves from a possible landmark ruling on this Marin County pension case.
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California pension funds take a bigger share of tax revenue than the national state average, a research website shows. Why the growing costs are outpacing the norm is not completely clear. A prime suspect for some would be overly generous pensions, particularly what critics say is an “unsustainable” increase for police and firefighters widely adopted to match a big increase given the Highway Patrol by SB 400 in 1999.
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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.
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Former San Jose Mayor Chuck Reed and current Atlanta Mayor Kasim Reed have more in common than their last names. Both have the same broad pension story. But last week, Atlanta had a very different ending.
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One night in March 2014, state Senator Leland Yee stood before a fancy dinner thrown in San Francisco by the Society of Professional Journalists to receive the Public Official Award — for a second time. Yee, then a candidate for secretary of state, was saluted for “his courage to oppose his own Democratic Party leaders and the governor in 2013 with public criticism of efforts to weaken the California Public Records Act.” A week later, a handcuffed Yee appeared in federal court, accused of taking bribes, political racketeering and even running guns in the Philippines.
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Calpensions: A board working on a proposal to enroll most small business employees in a state-run retirement savings plan, unless they opt out, was told last week that small technology-focused financial firms could do the job. The founders of three firms that offer 401(k)s and other retirement plans to small businesses did not object to competition from the state.
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Calpensions: One of the two initiatives filed by a pension reform group last week would cap state and local government spending on retirement benefits for most new hires at 11 percent of pay, much like a Utah pension reform five years ago.
A photo illustration of putting money aside as the clock ticks. (Image: Cozine, via Shutterstock)
