Posts Tagged: Retirement

Opinion

CalPERS has vital role in state’s economic recovery

The headquarters of the California Public Employees' Retirement System in Sacramento. (Photo: Kit Leong, via Shutterstock)

OPINION: Those who think about CalPERS often limit their perspective to the context of pensions for public employees. But the reality is that every single person who wants to be able to get a job in a community with affordable housing, good schools, safe streets, and accessible public services needs CalPERS to be successful. Otherwise, we will all pay a steep price.

News

Veteran Prison Industry chief departs

Chuck Pattillo, former general manager of the California Prison Industry Authority. (Photo: CalPIA)

The head of the California Prison Industry Authority, an internationally known agency that trains inmates for such diverse occupations as carpentry, deep-sea diving, computer coding and farming, is retiring after more than a decade on the job.

News

Brown OKs state-run pensions for private workers

The road ahead upon retirement. (Photo illustration: Gustavo Frazao, via Shutterstock.)

Gov. Brown has signed historic legislation to set up California’s first state-run pension plan for private-sector workers, allowing millions of employees to continuously build a retirement nest egg regardless of where they work. The governor’s decision means California joins seven other states that offer similar programs, although California’s plan, called Secure Choice, will automatically enroll about 6.8 million workers.

News

‘Portable’ pensions: Historic changes loom

A photo illustration of pension protection. (Photo: Billion Photos, via Shutterstock)

In a decision that could serve as a national model, Gov. Jerry Brown is considering legislation to allow millions of private-sector employees to steadily build their pensions without interruption — even when they change jobs.

News

Private firms eye state-run pension savings plans

A retiree checks out the newspaper in his back yard. (Photo: Budimir Jevtic, Shutterstock)

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.

Opinion

Ballot measure would threaten educators’ pensions

A classroom teachers helps a young student with Latin. (Photo: Goodluz, via Shutterstock)

The retirement security of California’s retired, current, and future teachers and the stability of the state’s pension fund for educators would be put at risk if a ballot measure addressing those issues is approved by California voters next November, according to an internal analysis by CalSTRS that I requested as chairman of the Assembly’s Committee on Public Employees, Retirement, and Social Security.

News

In bankrupt San Bernardino, firefighting at crucial juncture

San Bernardino firefighters on the front lines. (Photo: Sheri Armstrong)

Bankrupt San Bernardino’s plan to cut costs by contracting for firefighter and other services has been aided by legislation and a court ruling. But a shortage of firefighters is causing a rough transition. A second fire station was closed earlier this month and others were hit with temporary “brownout” closures, delaying response times. New hires for 14 firefighter vacancies are not expected to complete training until next month.

News

State-run ‘automatic IRA’ gets boost

Calpensions: President Obama said he has directed his labor department to propose rules showing states how to create what in California could be an “automatic IRA,” a payroll deduction that puts money into a tax-deferred savings plan unless workers opt out. The rules are expected to answer a key question: Is Secure Choice exempt from a federal retirement law, ERISA, that not only has employer administrative costs but may also expose employers to liability for failed investments and other problems?

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

CalSTRS eyes linkage of Social Security, teachers’ pensions

Calpensions: The CalSTRS board voted this month to “watch” a new cost-neutral bill in Congress that would reduce what has been an unpleasant surprise for some teachers and a shock to others — joining CalSTRS can cut Social Security benefits. Two federal laws enacted to avoid Social Security overpayment and inequity are mainly aimed at government employees who receive a pension but no Social Security.

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