Public Pensions Support Race, Class, and Gender Equity in California

By Nari Rhee Source: UC Berkley Labor Center This report analyzes the impact of public sector employment and defined-benefit pensions—which provide secure monthly retirement income based on salary and years of service—on poverty and wealth outcomes by race, gender, and educational attainment in California. Based on data from the U.S. Census Bureau, this report complements the author’s national-level study, Closing the Gap: The Role of Public Pensions in Reducing Retirement Inequality, available at https://www.nirsonline.org/reports/closingthegap/. We find that public pensions [...]

2023-09-14T09:00:50-07:00September 14th, 2023|Categories: Economy|Tags: , , , , |

CalPERS, CalSTRS need fresh skills to take on new risks, Betty Yee says

By Arleen Jacobius Source: Pensions & Investments Asset owners need a different set of tools to navigate their portfolios through the uncharted waters they find themselves in today, said Betty T. Yee, outgoing California state controller and member of the boards of CalPERS and CalSTRS. To get there, boards need more education related to these issues and risks including geopolitical and climate change, and to hire staff with different skill sets to augment the deep investment expertise plans already [...]

2022-12-19T10:12:16-08:00December 19th, 2022|Categories: Multiemployer Plans|Tags: , , , |

As public pension costs soar, some Southern California agencies turn to controversial borrowing to fill deep holes

The little agency responsible for killing mosquitoes and rats in the Coachella Valley will see its bill for worker pensions nearly triple over just four years. Payments will also nearly triple for Cal-OPTIMA, Orange County’s health care system for low-income people, seniors and those with disabilities, as well as for the Los Angeles Memorial Coliseum Commission, the folks who bring events to the historic stadium in Exposition Park. They’ll more than double for the Orange County Transportation Authority, which [...]

2020-11-16T09:55:34-08:00November 16th, 2020|Categories: Pension Funding|Tags: , , , |

Controller Yee: ‘More work’ ahead for CalPERS board

Even though CalPERS is taking steps toward fixing its governance problem, officials at the $411.5 billion pension plan say the road ahead is long. California Controller Betty T. Yee, who sits on the boards of both California Public Employees' Retirement System, Sacramento, and the second-largest U.S. public pension plan, the $262.5 billion California State Teachers' Retirement System, West Sacramento, is helping drive the changes. Her duties on both boards give Ms. Yee an unobstructed view of the culture and [...]

2020-10-06T09:46:02-07:00October 6th, 2020|Categories: Corporate Governance|Tags: , , |

California Supreme Court forbids pension spiking, but upholds other retirement protections

The California Supreme Court on Thursday ruled against public employee unions that were trying to beat back part of former Gov. Jerry Brown’s pension overhaul law. The court’s ruling prohibits so-called pension spiking, a strategy in which county public workers took extra shifts, worked odd hours at higher pay or cashed out accumulated leave at the end of their careers to inflate their pensions in retirement. The Alameda County Deputy Sheriff’s Association filed a lawsuit in 2012 over Brown’s [...]

2020-08-03T11:59:28-07:00August 3rd, 2020|Categories: Pension Funding|Tags: , |
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