Funded Ratios for States’ Pension Funds Continue to Weaken, Says Standard & Poor’s
The funded ratios of U.S. state pension systems continued to weaken during the 2009 budget year despite a strengthening stock market after lows that March, Standard & Poor’s said Thursday. While state and local tax revenue has nearly snapped back … Continue reading
PENSION PULSE: CalSTRS’ Shortfall Grows to $56 Billion
The pension system for California’s teachers has $56 billion less than it needs to cover the benefits promised to its 852,000 members and their families, the fund reported Thursday, as big investment losses in 2008 continue to reverberate. The drop … Continue reading
CalSTRS’ Unfunded Pension Liabilities Continue to Grow
CalSTRS today reported a big leap in its unfunded liabilities – the gap between its assets and its pension obligations to California’s teachers. The new estimate could intensify the political debate over public employee retirement costs. An increase in the … Continue reading
Shortfall grows to $56B for Calif. teachers pension fund despite better-than-expected returns
California teacher pension shortfall grows to $56B The pension system for California’s teachers has $56 billion less than it needs to cover the benefits promised to its 852,000 members and their families, the fund reported Thursday, as big investment losses … Continue reading
Ousted City Manager of Bell, California Indicted for Conspiring to Illegally Boost Pension
Former city administrator and his assistant conducted an elaborate plan to conceal benefits and bypass state law by hiding their true pensions, an indictment says. Former Bell City Administrator Robert Rizzo and his assistant spent seven years conspiring to illegally … Continue reading
UCLA’s Millionaire Doctor David Feinberg
How Feinberg got $1.3 million amid tuition hikes, budget cuts and a recession Last year, when Stanford Hospital & Clinics was considering poaching Dr. David Feinberg from UCLA, where he is the associate vice chancellor and CEO of its public … Continue reading
Mayor of Rocklin, California Wants City to Sue CalPERS
In a surprise move last week, Mayor George Magnuson called for a lawsuit against the California Public Employees’ Retirement System. “I would like to have a closed session and take a look at the probability of filing a lawsuit against … Continue reading
Little Hoover Commission Report Paints Dire Picture of California Public Pensions
California’s Little Hoover Commission (officially, the Milton Marks “Little Hoover” Commission on California State Government Organization and Economy), an independent oversight agency, added to the growing California public pension literature when it issued a report on the condition of the … Continue reading
Fullerton, California’s Unfunded Pension Liability Is $192 Million
It’s almost April. Our wise and courageous city council is already wading through wage negotiations with the city employee unions for the upcoming budget year. How did we get this far without adding up Fullerton’s total unfunded pension obligation? Oh … Continue reading
California Governor’s Public Safety Employee Contract May Not Convince Skeptics
If you’re already skeptical about the state’s ability to cut billions of dollars from projected spending levels, the new contract Gov. Jerry Brown’s administration has negotiated with public safety employees will not do much to win your confidence. A review … Continue reading
