Posts Tagged: System

Bankrupt San Bernardino announced an agreement with CalPERS last week to pay off an unprecedented pension debt owed for skipping payments to the pension fund for a year — $13.5 million, plus several million more in penalties and interest. Details of the agreement reached in closed mediation were not released. But the city said in a court filing the CalPERS agreement “will help form the basis” for a debt-cutting plan needed to exit bankruptcy.

Calpensions.com: The bill said to represent three years of talks mainly between the IRS and the Orange County system, the informal leader in the negotiations, moved out of the Assembly public employees retirement committee with no discussion.

An $8 million pension bond was approved last week by voters in Piedmont, a small well-to-do city completely surrounded by deep-in-debt Oakland, originator of the pension bond that has figured in the Stockton, San Bernardino and Detroit bankruptcies. (Photo: City of Fremont

Moves may allow bankrupt city to avoid pension fight

From the California State Auditor: Highlights of high-risk issues that the state and select state agencies face

New government accounting rules will more than double the pension debt reported by CalSTRS, boosting an “unfunded liability” that is now about $71 billion to a newly calculated “Net Pension Liability” of $166.9 billion.

At CalSTRS, the two trade associations have not made complaints. A spokesman said two CalSTRS officials have received awards from the associations, and others have appeared on panels or made addresses at association conferences.

Resolving a divorce, a custody tussle, a contract dispute, a landlord tenant fight, an unpaid debt or any number of multimillion-dollar or small claims civil issues takes longer and costs more than it used to.

And it’ll get costlier and even more time-consuming, experts say, because of the steady diet of state budget cuts

Bond insurers who want CalPERS to share the financial pain of the Stockton bankruptcy do not answer a key question in lengthy court filings: How would “bloated” and “overly rich” pensions be cut?

The insurers backing $250 million worth of Stockton general fund bonds argue that the city’s bankruptcy plan gives them major cuts

The great health care reform countdown has begun, with nearly every American required to have some level of health insurance by the end of this year. That much we know for certain. What remains to be seen, however, is whether simply adding more people to the insurance pool will translate into better health for policyholders.