I think it's safe to say that there is one group of Americans out there that hasn't been reading the newspaper or following developments in the economy, and the resulting decline in tax revenue to state and local government, and that would be the public employee unions. Their behavior across the country has become a national embarrassment, and as they move toward violence and engage in hate speech, the public naturally wonders: "Do they not understand that government is broke?...Read More »
CalPERS next week will again confront the delicate question of whether to impose a $600 million increase in the state's annual contribution to the pension fund...Read More »
Gov. Arnold Schwarzenegger has vowed not to sign California’s budget unless it includes pension reform. “It doesn’t matter how long it drags—into the summer or fall or into November or after my administration—and I think the people will support that,” he told Politico...Read More »
California is in the midst of one of the worst recessions in its history. While we can point to a variety of factors that led us to this, we are clearly seeing that government cannot continue to do business as usual...Read More »
SOLANA BEACH — The Solana Beach City Council has reached a new agreement with the main city employees union that is expected to help control salaries and reform the city’s pension plan over the next three years...Read More »
The state's teacher pension fund is about to reduce its official forecast of investment returns by half a percentage point, a move that could cost state and local taxpayers hundreds of millions of dollars...Read More »
The Orange County Supervisors will soon take a position on the ongoing battle between a pension advocacy group, the Orange County Register and the Orange County Employees Retirement System over the retirement system's refusal to release names of officials receiving six figure retirements....Read More »
San Diego officials think a federal court ruling will allow a cut in one of the biggest debts owed by California state and local governments — $118 billion or more promised public employees for retiree health care.Read More »
Kern County's retirement system now owes its retirees $1.2 billion more than it has. An actuary told a Kern County Employees Retirement Association committee Wednesday it has only 69 percent of the money it needs to fund future pension obligations to its retirees and employees.
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Drawing down the burgeoning costs of The City’s expensive and draining pension system may be placed in the hands of voters.
Supervisor Sean Elsbernd and Mayor Gavin Newsom are supporting a charter amendment, which will be introduced today for the June ballot, that would tackle The City’s taxing pension system.
Stock market losses, richer benefits and underfunding have combined to call for a rate spike from 4.8 to 29 percent in three years.Read More »
Rhode Island’s pension picture is getting increasingly alarming. Soaring unfunded liabilities are pushing the state toward bankruptcy, and putting a mounting strain on both state and local budgets. Money that could be spent on such vital (and job-creating) services as road, bridge and train-station repairs is instead being siphoned off to fund pensions that are, in general, vastly more generous than in the private sector.Read More »
The level of trust, or gullibility, in the new global world of high finance before the meltdown last year is starkly revealed in a lawsuit filed by CalPERS against three credit-rating agencies.Read More »
WHEN he visited The Bee's editorial board last week, Rob Feckner, president of the California Public Employees Retirement System Board, didn't deliver many surprises.Read More »