CalPERS fund scored a 16 percent gain in 2013. Meantime, a crisis looms for teachers’ pension fund.
Pension obligation bonds issued by Richmond, Oakland, other cities have proved to be a financial drain.
by Jennifer Gollan, California Watch When the head of one of the state’s largest independent pension funds received an invitation recently for his staff to attend a conference in Hawaii, his response lacked the aloha spirit. “I don’t plan on approving anyone to attend this conference given its location. … Hawaii is just not the right […]
Update Thursday KQED’s Rachel Dornhelm reports: The two biggest Bay Area cities are exempt from Governor Jerry Brown’s pension reform. San Francisco and San Jose are charter cities, with their own pension plans and bruising pension battles. Just this week San Jose’s city council enacted a two-tiered pension plan to help rein in costs. The […]
by Judy Lin Associated Press SACRAMENTO, Calif. (AP) — Gov. Jerry Brown is asking for more time to negotiate public pension reform with state lawmakers. Although Brown issued a comprehensive proposal last fall, Democratic leaders only sent him their plan on Sunday. Brown’s spokesman Gil Duran says the governor “could not agree to some of […]
From Bay City News: San Francisco Mayor Ed Lee and several city officials gathered at City Hall today to announce a measure for the November ballot that proposes widespread reform to city workers’ pensions and health benefits. The proposed charter amendment–the result of months of negotiations between city officials and labor and business leaders–would cap […]
The San Jose City Council meets today at 1:30 p.m. and you can watch the proceedings live online. Here is today’s agenda, which includes discussion of a controversial fiscal reform plan, outlined in this memo from Mayor Chuck Reed, Vice Mayor Madison Nguyen, Councilmember Rose Herrera, and Councilmember Sam Liccardo to the City Council. The […]
This week’s new articles from the alternative weeklies… Double Drain: Program Pays Cops Pensions While Still on the Force (SF Weekly) …In 2008, San Francisco found itself unable to properly staff its police force. The solution enshrined by city voters: Allow cops to simultaneously work and be retired — and earn both hefty salaries and […]
New mayor Ed Lee ready to tackle pensions in face of $100M cost increase (SF Examiner) …Last week, The City learned pension costs were increasing next fiscal year by $20 million more than anticipated, for a total of $375 million — a $100 million increase from San Francisco’s pension contribution this fiscal year. “I want […]
SF pension costs jump $20 million (Matier & Ross, SF Chronicle) San Francisco’s pension time bomb just exploded, with the city being told it will have to pony up $20 million more than previously expected in the next fiscal year. That will bring the total bill for city government retirees to about $375 million – […]