Tagged: pension

A proposed overhaul of California’s pension system is angering public employee unions, as Democrats get set to unveil the details. The specific details are being kept as quiet as can be, but all signs point to a deal emerging by Tuesday at the California State Capitol. 

Democrats are promising “comprehensive pension reform” that will save tens of billions of dollars over the next few decades. Assemblyman Warren Furutani says the deal won’t please everyone.

A bill that would create a retirement plan for California private sector workers who have no pensions or 401-K’s is facing intense opposition from business groups. The bill was heard today by the Assembly Appropriations Committee.

Senate President pro Tem Darrell Steinberg has decided that now is not the time to change California’s newly-approved process for cities and counties to enter into bankruptcy.

He’s decided to kill the legislation authored by a Democratic Assembly member. The bill would have loosened deadlines on negotiations with creditors and labor groups. But Steinberg says it’s time now for the legislature to focus elsewhere.

CalPERS barely earned any money at all during the fiscal year that ended June 30th. The nation’s largest public pension fund announced a one-percent return on investment today.

The California Public Employees Retirement System’s one percent return is nowhere near its projection of seven-and-a-half percent. It’s even below the California State Teachers Retirement System, which earned a one-point-eight percent return.

Today's special election day edition of Valley Edition features a series of report on government reform, from the state's new top two primary, to effort at pension reform. We'll also hear about the effort to revitalize Fresno's historic but troubled Lowell neighborhood, and a new program for music students from the group JazzFresno.

When you look up the origins of word “pension” in the dictionary, you’ll see that it comes from the Latin verb, pendo, which means to pay or value, and to weigh or hang. It’s actually the same root that gives us nouns like pendant. And back here in the 21st century, the costs of providing a defined benefit retirement programs are increasingly weighing down budget across the state.

According to some estimates, California's three largest statewide pension systems, CalPERS, CalSTRS and the UC Retirement System could have a combined shortfall of as much as $500 billion.