Monthly Archives: January 2012

Clamor grows to rein in California’s public pension benefits

By Patrick McGreevy | Los Angeles Times — Gov. Jerry Brown came to office promising to reduce the state’s burgeoning pension costs … Saying the system is not financially sustainable, the governor has laid out a 12-point plan to change … Continue reading

Posted in News | 3 Comments

A $2.5 billion pension tsunami in San Mateo County

By Chuck McDougald | Daily Journal — Gov. Jerry Brown is proposing deep cuts in health and welfare programs and warning of cuts to schools, universities and courts if voters refuse to pass tax hikes in November. Taxpayers might find … Continue reading

Posted in Op-Ed | Comments Off

Legislative committee holds hearing on pension reform in Sacramento

Under increasing public and budget pressure to change retirement benefits for state and local government workers, the Legislature is finally holding hearings on a hybrid plan, which combines a 401(k)-type plan with public pensions. Nannette Miranda reports on KABC-TV:

Posted in TV News / Video | 1 Comment

CalSTRS reports 2.3% earnings in 2011

By Dale Kasler | The Sacramento Bee — CalSTRS said today it earned 2.3 percent on its investments in 2011, “a year of extreme market volatility.”  The announcement came a day after CalPERS reported its 2011 results, a gain of … Continue reading

Posted in News | Comments Off

California’s public employee unions are in denial on pension costs

By Dan Walters | The Sacramento Bee — Whenever someone suggests that California’s public employee pension systems need reform, civil service unions react dismissively, often with attacks on the credentials or even the morals of critics. … The irony is … Continue reading

Posted in Column | Comments Off

CalPERS earns 1.1% on investments in 2011

By Marc Lifsher | Los Angeles Times — The nation’s largest public pension fund, the California Public Employees’ Retirement System, posted a 1.1% return on its investment portfolio in 2011, Chief Investment Officer Joseph Dear told his board. The 2011 … Continue reading

Posted in News | Comments Off

California Pension Reform applauds Gov. Brown’s challenge to the Legislature

SACRAMENTO — Dan Pellissier, president of California Pension Reform (CPR), today responded to Governor Jerry Brown’s challenge to the Legislature to take action on pension reform: “We applaud Governor Brown for continuing to challenge the Legislature to act on pension … Continue reading

Posted in Press Release | 6 Comments

Legislative Analyst’s Office fails to give California Pension Reform’s proposals a fair reading

By Mike Genest | The Sacramento Bee — During my four years as director of the state Department of Finance I signed off on the Legislative Analyst’s Office analyses of hundreds of initiative proposals – and I almost always agreed … Continue reading

Posted in Op-Ed | Comments Off

A resolution for 2012: Fixing California’s public pension problems

By Dan Pellissier | Capitol Weekly — As many Californians fill up gyms, bike trails and jogging paths to act on their New Year’s resolutions to improve their personal health and fitness, this year California voters will fill voting booths … Continue reading

Posted in Op-Ed | Comments Off

Can California voters recoup excessive pay, benefits and pensions from current public employees?

By John Eastman | Fox & Hounds — California is broke.  Every year we spend about $20 billion more than we take in, despite a constitutional requirement of balanced budgets.  Our elected officials have tried every trick in the books … Continue reading

Posted in Op-Ed | Comments Off

California Pension Reform responds to Attorney General’s title and summary of initiatives

SACRAMENTO – Dan Pellissier, President of California Pension Reform (CPR), today responded to the Attorney General’s title and summary of CPR’s initiative proposals. “Californians know our public pension system is broken and voters overwhelmingly support pension reform.   Our measures are … Continue reading

Posted in Press Release | Comments Off

Public Pension Puffery: 12 half-truths that deserve to be debunked in 2012

By Girard Miller | Governing Magazine — One of my pet peeves in the ongoing debates over public pension reform is the way partisans on each side try to pitch half-truths and myths to support their arguments. The other side … Continue reading

Posted in Analysis | Comments Off

State finance officials should face the truth on pension promises

By David G. Crane | The Sacramento Bee — In the 17th century the Catholic Church attacked Galileo for advocating Copernicus’ view of the universe. Three centuries later, Pope John Paul II apologized for that persecution. Hopefully it won’t take … Continue reading

Posted in Op-Ed | Comments Off

Berkeley’s city manager is not unique retiring with a bigger pension than his final salary

By Daniel Borenstein | Contra Costa Times — In November, Berkeley City Manager Phil Kamlarz traded his $250,000-a-year job for retirement with a starting pension of about $266,000 annually. The deal highlights the city’s generous pension program, which is one … Continue reading

Posted in Column | Comments Off

Why public pensions are so rich

Shifting government workers to 401(k)-style plans would offer greater transparency and keep benefits in line with the private economy. By Andrew G. Biggs and Jason Richwine | The Wall Street Journal — According to government union leaders, their employee retirement … Continue reading

Posted in News | Comments Off