Calpensions: A new comparison with four other large public pension funds found that CalPERS, while scoring average on service, had high pension administration costs — $213 per member a year, nearly twice the average of $108 per member.
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.
Jerry Brown holds a 21 point lead over Neel Kashkari among likely voters in the governor’s race, and there is majority support both for a state water bond.Likely voters are more divided on two other statewide ballot initiatives, one that would establish a budget stabilization account—or rainy day fund—and another that would give the state insurance commissioner authority over changes in health insurance rates.
The California agency that oversees the state’s low-income health plan vastly overstated the number of doctors who accepted patients through the state program last year, even as the number of people enrolled in the program was set to skyrocket under the federal Affordable Care Act, the California Health Report has found.
A bill that started out as Gov. Brown’s proposal to restructure the CalPERS board emerged from the Legislature last week as a more modest change: a requirement that CalPERS board members receive 24 hours of education in pension fund operations.
The bicycling competition at Manhattan Beach, Calif. (Photo: Rodolfo Arpia)For years, the California Coastal Commission has sought the power to impose fines on people who violate the state’s coastal protection laws. But the high-profile efforts – at least three times in five years — were defeated in the Capitol by business interests, developers and property rights activists, among others. But beginning July 1, in what environmentalists described as a “sea change,” the Coastal Commission will have the authority to fine property owners who block the public’s access to beaches.
Headquarters of the state controller, Sacramento. (Photo: Coolcaesar)David Evans, a largely unknown Republican candidate in the race for state controller, emerged from obscurity and achieved stunning results on a $600 campaign budget against three established politicians, leaving analysts struggling to interpret the implications of the results.
Payments seven judges make toward their pensions would be cut nearly in half by a bill approved last week in a Senate committee, despite a warning from the chairwoman of a “slippery slope” undermining the governor’s pension reform.
The state Capitol, Sacramento. (Photo: Wikimedia)Election 2014 An early tally shows that fewer than one in five of California’s registered voters cast ballots in this week’s primary, continuing a downward trend that has bedeviled the state’s elections. A county-by-county report from the secretary of state’s office noted that 3.24 million people voted out of the 17.72 million registered, or about 18.3 percent. When compared with the total number of eligible voters in California, those who actually cast ballots dwindled to 13.34 percent.
OPINION: The Congressional Budget Office report also shows that under the hike to $9 per hour, 300,000 people would be lifted out of poverty. However, another estimated 100,000 to 200,000 people would lose their jobs. If the wage increases to $10.10 per hour the number of people being raised out of poverty would rise to 900,000 while 500,000 people would lose their jobs.