Articles for category Retirees
The California Public Employees’ Retirement System’s (CalPERS) Pension and Health Benefits Committee (PHBC) today recommended the Board of Administration approve a 2014 health care package that would raise overall premiums next year by an average of 3 percent for the Pension Fund’s nearly 1.3 million health program members, the lowest average increase since 1998. The rate is lower than the 9.6 percent increase in 2013. If the full Board approves the new premium rates, they will take effect January 1, 2014.
[Read More...]
The following PDF is a list of Bills that CSR is supporting, opposing, or watching.
[Read More...]
Retirees who receive $4,000 or more in their monthly retirement warrants will see a $2 hike in their CSR dues payment beginning Jan. 1, 2013.
Dues will stay the same for CSR members who make less than $4,000 a month. It has been more than a decade since CSR raised dues for any of its members.
[Read More...]
The California State Retirees Board of Directors is endorsing the following candidates in the Nov. 6 General Election.
Recommendations were made to the board by the CSR Political Action Committee (PAC), which considers each candidate’s voting record on issues such as protecting pensions and health benefits for state retirees.
[Read More...]
The California Public Employees’ Retirement System (CalPERS) Board of Administration Oct. 17 approved an 85 percent premium increase for early purchasers of its Long-Term Care (LTC) Insurance Program policies. The increase, to be spread over two years, is being implemented to help stabilize the program’s underlying Long-Term Care Fund and will take effect July 2015.
Members who opt to cover the increase in a single year will pay only 79 percent. Policyholders affected by the increase purchased two types of policies between 1995 and 2004: policies with lifetime benefits with inflation protection, and policies with lifetime benefits without inflation protection (California Partnership policies will be excluded).
[Read More...]
It's an old-age safety net offered to California public employees: insurance to cover the exorbitant cost of staying in nursing homes, assisted-living facilities and the like.
Now most of the 150,000 or so Californians who buy long-term care insurance from CalPERS are facing what could be a big rate hike.
CalPERS is considering imposing a 75 percent increase in premiums on the vast majority of its long-term care policyholders. They would pay hundreds of dollars a year more – thousands, in some cases – as the California Public Employees' Retirement System tries to fix financial holes in the program.
[Read More...]
CalPERS retirees should do nothing with the letter they received in September asking them whether they want to “opt out” of Medicare Part D, according to CalPERS officials.
CalPERS is converting from the Medicare Part D Retiree Drug Subsidy Program (RDS) to a Medicare Part D Prescription Drug Plan (PDP) for Medicare-eligible members. Blue Shield and CVS Caremark are administering the Medicare Part D Prescription Drug Plan (PDP) for CalPERS effective Jan. 1, 2013, and they are responsible for sending the letters.
These plans are Employer Group Waiver Plans (EGWP), governed by the Centers for Medicare and Medicaid Services (CMS). The centers require that health plans offer members a choice to opt out of the Medicare Part D Prescription Drug Plan. This opt-out provision was not a requirement under the Medicare Part D Retiree Drug Subsidy Program.
[Read More...]
Lawmakers charged with overhauling California's state and local public pension law are considering a plan to cap defined benefit pensions that would not include a second 401(k)-style component common in so-called "hybrid" retirement plans. "There will be a cap," Senate President Pro Tem Darrell Steinberg, D-Sacramento, during a hallway press conference this afternoon with Capitol reporters.
[Read More...]
The Sacramento Bee
By Rob Feckner
If there is one thing I have learned in my time on the CalPERS board it's this – a little perspective goes a long way. This is especially true when it comes to the news coverage of CalPERS' recently announced investment returns for last fiscal year and the criticism of pensions in municipal bankruptcies. Let me offer a little perspective.
Last fiscal year, CalPERS earned a 1 percent return on our investments. The news has caused some people, including the media, to claim that the sky is falling and to demand that CalPERS "get real" and lower our investment assumptions. A few people have even personally blamed our investment staff.
[Read More...]
After a monthlong break, the Legislature returns to work at the Capitol on Monday to take on one of the Golden State's thorniest issues: public employee pensions.
The Senate and Assembly have just four weeks to vote on hundreds of bills before the two-year session concludes at the end of the month, but the main focus will be on changing the pension compensation system.
Just what those changes will entail is unclear. Gov. Jerry Brown has proposed increasing the retirement age and creating a hybrid system that includes a 401(k)-style benefit, among other things, but lawmakers have yet to approve those or anything else.
After a monthlong break, the Legislature returns to work at the Capitol on Monday to take on one of the Golden State's thorniest issues: public employee pensions.
[Read More...]