Posts Tagged: plan

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

Hawaii, California lead fight for renewable energy

A sugar factory , Puunene, Maui, Hawaii. (Photo: Mike Brake)

Hawaii last month became the first state to establish a goal of relying 100 percent on renewable energy, setting 2045 as the year to reach this ambitious target. Meanwhile, legislation moved forward in California that would significantly expand its pioneering efforts to reduce greenhouse gas emissions and combat climate change. The Golden State has an economy larger than all but six nations in the world, and almost anything it does has the potential of having global impact.

News

On the trail of hidden retirement debt

Calpensions: An accounting board best known for requiring the calculation and reporting of the debt owed for retiree health care promised government workers, which often turned out to be shockingly large, is having another moment. This month the Governmental Accounting Standards Board applied new rules for reporting pension debt to retiree heath care.

News

CalPERS urged to shun Obamacare ‘Cadillac Tax’

Calpensions: Employer and employee groups are urging CalPERS to “undertake all efforts” to avoid the “Cadillac Tax,” a 40 percent tax on high-cost health plans imposed in 2018 by President Obama’s health care law, a CalPERS staff report said this month. But it’s far from clear that one of those efforts will be Gov. Brown’s proposal to give state workers the option of a low-cost plan with a high deductible, even though the administration mentions the looming penalty tax as a reason for offering the plan.

News

LAO: Lawmakers should look closely at Brown plan for retirees’ health care

An elderly patient receiving health care at a hospital. (Photo: Photographee.eu, via Shutterstock)

The LAO, noting that most of Brown’s plan bypasses the Legislature, says lawmakers should hold hearings on state worker retiree health care, going back to square one, 1961, when the benefit began. Times were different then. Workers were at risk of losing health coverage when they retired. Now state workers are eligible for federal Medicare at age 65.

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.

News

Missing pieces in Brown’s pension reform plan

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.

News

Ghost of Prop. 16 haunts the Capitol

Four years after California voters in a bruising, $46 million ballot fight turned down a plan to limit the ability of local communities to set up their own utility districts and energy providers, the issue is back. This time, voters won’t be weighing in: It‘s in the form of a bill before lawmakers.

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