A bond insurer said lenders are losing millions in Stockton’s bankruptcy while the city continues to fund pricey pensions.
The nation’s largest public pension fund reported a dismal 1 percent return on its investments, a figure far short of projections that will likely add pressure on California’s state and local governments to contribute more.
A federal judge ruled in Oakland that the state’s public-employee pension system must make long-term care insurance equally available to same-sex spouses and partners.
California’s largest public pension fund has voted to lower its estimate for annual investment returns, meaning it will need more money from the state, school districts and local governments to maintain its ability to fund promised retirement benefits.
The city council voted unanimously on Tuesday to notify the California Public Employees’ Retirement System that the city intends to end the pension plan for council members.
The Stanford Institute for Economic Policy Research said the shortfall in the plans that cover 2.6 million California teachers, state workers and university employees is too large to be solved only by cutting future payouts.
California Governor Jerry Brown outlined his 12-point pension reform plan at a news conference and said it was time to fix a broken system.
Elected officials from throughout Marin County have joined together in an effort to address the pressing issue of pension reform – something that is impacting towns and cities throughout the county.
Gov. Jerry Brown said it’s time to pay up. He wants to start reducing the state’s debt and tens of billions more in accounting gimmicks, temporary loans and delayed payments.
Gov. Jerry Brown released a 12-point proposal to revamp California’s public-employee pensions Thursday.