Articles for category CalPERS
Posted May 13, 2015 by
CalPERS
Retirees
Retirement
Some pension program changes, such as the shift to defined contribution plans from defined benefit plans, might be widening the income gap and dampening economic growth, said a new report from the National Conference on Public Employee Retirement Systems.
There are conversations about income and equality, but few touch on the treatment of pensioners and how that contributes to income inequality, said Hank Kim, Washington-based, executive director and counsel at NCPERS and co-author of the report.
In the private sector, there has been a shift to DC plans from DB plans. Between 1975 and 2011, the number of private sector DB plans declined by 57% and the number of employees covered by DB plans declined 10%, NCPERS’ research found.
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Posted May 13, 2015 by
CalPERS
Retirees
Politics
Retirement
Government pensions in California have withstood another fierce challenge in bankruptcy court.
A bankruptcy judge has dismissed a lawsuit filed by two disgruntled bond creditors challenging the city of San Bernardino’s decision to make its pension payments in full to CalPERS.
Ruling from Riverside, U.S. Bankruptcy Judge Meredith Jury tossed the claim filed by the two creditors, Ambac Assurance Corp. and a Luxembourg bank named EEPK.
Last fall the city, which filed for bankruptcy protection in 2012, said it would pay its $24 million-a-year CalPERS bill in full. Ambac and EEPK said that arrangement was unfair to other creditors. Although San Bernardino hasn’t filed its complete repayment plan, it’s likely that many creditors would stand to receive only a portion of what they’re owed.
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Posted May 12, 2015 by
CalPERS
Health Care
LOS ANGELES (Reuters) - The southern California city of San Bernardino has proposed virtually eliminating retiree health insurance costs under a bankruptcy exit plan it must produce by May 31, according to an attorney involved in negotiations with city officials.
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Posted May 01, 2015 by
CalPERS
Retirees
Health Care
Retirement
Long-Term Care Reform Package Making Its Way Through Legislature
California legislators are considering a package of 24 bills this session collectively aimed at improving the state's support network for aging services and long-term care.
The bills -- 12 in the Assembly and 12 in the Senate -- deal with a variety of issues involving some of the 112 separate programs for aging and long-term care overseen by 20 different agencies and departments in the state and county governments.
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Posted Mar 19, 2015 by
CalPERS
Retirees
Health Care
Politics
California State Retirees President Tim Behrens testified at a joint informational hearing on March 18 that the governor's plan to introduce a high-deductible health plan for CalPERS members is "the wrong path to take in addressing high health care costs."
"Such plans shift costs to workers, discourage people from accessing needed health care and would divide [CalPERS] health plans into those for the young and those for the old," Behrens testified before the joint Informational hearinig of the Senate Public Employment and Retirement Committee and the Assembly Public Employees, Retirement and Social Security Committee.
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Posted Mar 11, 2015 by
CalPERS
Retirees
Politics
LOS ANGELES (Reuters) - A ballot measure campaign to cut California's public pensions will be launched in May by a coalition of politicians and business people led by former San Jose Mayor Chuck Reed, with the state's largest retirement system a prime target.
The measure would take aim at California's $300 billion giant Calpers, which has a near-iron grip on the state's pensions. Calpers, America's largest public pension fund and administrator of pensions for more than 3,000 state and local agencies, has long argued that pensions cannot be touched or renegotiated, even in bankruptcy.
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Posted Mar 10, 2015 by
CalPERS
Health Care
Nearly three weeks after Anthem said it suffered a massive data breach, officials have an estimated tally for the number of Californians affected: 13.5 million residents.
That total includes current and former enrollees in Anthem Blue Cross, plus other California residents covered by other members of the Blue Cross Blue Shield Association through out-of-state employers or similar arrangements, Anthem Blue Cross spokesman Darrel Ng said Tuesday.
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Posted Feb 20, 2015 by
CalPERS
All CalPERS members are being asked their thoughts on the newly redesigned PERSpective newsletter, which is mailed to members three times a year.
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Posted Feb 19, 2015 by
CalPERS
Retirees
CalPERS Board Elects Committee Chairs and Vice Chairs
SACRAMENTO, CA - The California Public Employees' Retirement System (CalPERS) Board of Administration has elected the following chairs and vice chairs of key board committees:
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Posted Feb 19, 2015 by
CalPERS
Retirees
Retirement
The 2015 Natixis Global Retirement Security Index put Switzerland at the No. 1 spot in its annual ranking of the well-being and “life conditions” that pre-retirees and retirees can expect across 150 countries. The prospects for current and aspiring retirees in America is less good: The U.S. is stuck at No. 19, where it’s been for the past three years. That means it beat out No. 20, Slovenia (hurray!), but trails countries including Luxembourg, Iceland, and Belgium.
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Posted Feb 09, 2015 by
CalPERS
Retirees
Health Care
Class-action lawsuits have been filed in California and two other states against health insurer Anthem over a data breach affecting about 80 million customers, former customers and employees, Modern Healthcare reports.
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Posted Feb 05, 2015 by
CalPERS
Retirees
Health Care
As many as 80 million customers of the nation's second-largest health insurance company, Anthem Inc., have had their account information stolen, the company said in a statement.
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Posted Feb 05, 2015 by
CalPERS
Retirees
Health Care
If you’re a state retiree or planning to become one, a piece of Gov. Jerry Brown’s 2015-16 budget proposal could hit your wallet.
The governor’s plan envisions a new high-deductible, lower-premium health insurance policy for state workers. It would be paired with a tax-advantaged health savings account and take effect Jan. 1, 2016.
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Posted Jan 21, 2015 by
CalPERS
Retirees
Retirement
State Employees
The California Public Employees' Retirement System (CalPERS) Board of Administration unanimously re-elected Rob Feckner as Board president and elected Henry Jones as vice president. Feckner will be serving his 11th term as president, while it will be Jones' first vice presidential term.
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Posted Jan 14, 2015 by
CalPERS
Retirees
General News
Retirement
In failing health and facing up to 30 years in prison, businessman Alfred Villalobos apparently committed suicide before going on trial in connection with the bribery scandal at CalPERS.
Villalobos’ attorneys, appearing at a pre-trial hearing in U.S. District Court on Wednesday, disclosed that Villalobos died the day before. His death ends the government’s criminal case against the Nevada businessman –and largely closes the books on a corruption scandal that roiled the nation’s largest public pension fund.
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Posted Jan 14, 2015 by
CalPERS
Retirees
General News
Retirement
The Sacramento Bee reported Jan. 14 that Alfred Villalobos, accused of bribing former CalPERS Chief Executive Officer Fred Buenrostro to influence the fund’s business decisions, has died.
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Posted Jan 14, 2015 by
CalPERS
Retirees
State Economy
Retirement
A new report on the fiscal health of CalPERS shows an estimated funding level of 77 percent for the Public Employees’ Retirement Fund (PERF) in 2014 – a positive growth of more than 7 percentage points over 2013. The PERF was funded at 69.8 percent as of June 30, 2013 based on the most recent actuarial value of assets. The PERF is the main pension trust fund that pays retirement benefits.
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Posted Jan 09, 2015 by
CalPERS
Retirees
State Economy
Retirement
Budget deliberation kicked off in the Capitol this morning with the release of Governor Brown’s proposed 2015-2016 state budget. He proposes $113.3 billion in general fund and $51.4 billion in special fund expenditures making for a $164.7 billion spending plan. This represents a 1.4 percent bump over current year spending.
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Posted Jan 09, 2015 by
CalPERS
Retirees
Retirement
Governor Edmund G. Brown Jr. on Jan. 9 proposed a balanced budget that injects billions of dollars more into schools and health care coverage, holds college tuition flat and delivers on Propositions 1 and 2 by investing in long overdue water projects and saving money, while continuing to chip away at the state’s other long-term liabilities – debt, infrastructure, retiree health care and climate change.
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Posted Jan 09, 2015 by
CalPERS
Retirees
Health Care
Retirement
Anne Stausboll, Chief Executive Officer for the California Public Employees’ Retirement System (CalPERS) issued the following statement today in response to the proposed state budget and efforts to reduce health care costs today and in the future:
"Managing and paying for the cost of health care for public employees requires discipline, collaboration and innovation. We applaud the Governor’s wisdom to do what CalPERS and many public employers have done in recent years, tackling the cost of health care and retiree health care," Stausboll said.
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