The liability, which has been building for years, is at least $71 billion.
Cities in California are watching how the bankruptcy case plays out in Michigan, and whether it might affect their own proceedings in California.
The tentative contract that ended the Bay Area Rapid Transit strike includes a 15 percent raise over four years but also increased worker contributions toward their health insurance and pensions.
San Jose Mayor Chuck Reed is leading an effort to put an initiative before voters allowing cities to renegotiate pensions for existing public employees—as well as new hires. Meanwhile, State Assembly candidate Steve Glazer from Orinda, is pushing an initiative preventing transit employees from striking in the future.
Mayor Chuck Reed, along with four other mayors from around the state, have submitted the ballot initiative to the state Attorney General.
Progress was made in BART labor contract negotiations on Thursday after unions presented a counter offer to the transit system’s management and an agreement was made over pensions.
San Jose Mayor Chuck Reed, who drew national attention as a result of his successful pension reform campaign is in the spotlight again. This time his proposal is to amend the California constitution to further those goals with a ballot measure in the November election.
California’s two public pension systems continued to fly top officials around the globe for conferences, workshops and speaking engagements even after Gov. Jerry Brown ordered a ban on discretionary travel.
The nation’s largest public pension fund announced Monday that it will post data online about nearly half a million pensioners in an effort to be transparent.
McKesson’s Chairman and CEO John Hammergren has set a new record in corporate America: Largest pension around.