We have previously reported on a proposed ballot initiative on public pensions in California that, as written, would cover UC. There appears to be money behind the campaign for this initiative. Another indication of such money comes in the form of a letter by former UC Regent David Crane on CalSTRS. Crane was appointed by … Continue reading Follow Me, Says Crane
Audio of Dec. 1, 2011 hearing by the legislative Conference Committee on Public Employee Pensions on Gov. Jerry Brown's proposals for state and local public pensions in California. Click on link above. If you don't want to listen to the full four and a half hours, scroll towards the bottom to hear the governor's testimony … Continue reading Audio of Legislative Hearing on Public Pensions
Governor Brown has now held his press conference on public pensions. His proposals clearly covered CalPERS and CalSTRS. Coverage of UC was not mentioned. But the governor did make an off-hand reference to UC’s long pension holiday, i.e., the two-decade period of zero contributions. The governor released a 12-point plan but one element, a kind … Continue reading The Guv on Pensions: What did he say?
Yesterday, we noted proposed changes in public pension accounting rules by GASB, the Governmental Accounting Standards Board. An observation from Academic Council Chair Robert Anderson, added to that blog note, indicated that the GASB proposal would not have a direct impact on UCRP. However, the problem facing UCRP is partly political. As prior blog posts … Continue reading Follow Up: GASB proposals could stir things up for UCRP via CalSTRS
From Wiktionary “bury the lede” (idiomatic, US, journalism) To begin a story with details of secondary importance to the reader while postponing more essential points or facts.http://en.wiktionary.org/wiki/bury_the_lede ==== An article in today’s calpensions.com indicates that both CalPERS and CalSTRS have asked GASB – the Governental Accounting Standards Board – for a delay in its proposed … Continue reading Buried Lede on Retiree Health?
Can UC piggy-back on CalSTRS? We are “education,” too. And we have pension funding issues. If you don't ask, you surely don't get. See below:CalSTRS reported ready to seek more state fundingSacramento Bee, 10/11/11, Dale KaslerFor more than two years, CalSTRS has been talking about asking state lawmakers for more money to plug its funding … Continue reading Piggy-Back
Readers of this blog will know that Lanny Ebenstein – who has some affiliation with UC-Santa Barbara’s Econ Dept. – seems to like to file public pension initiatives. It only costs $200 and for that you get the Legislative Analyst's Office (LAO) to give a summary and analysis as well as a title from the … Continue reading LAO Writes Up Yet Another Ebenstein Pension Initiative
An initiative was submitted in July to the Attorney General proposing to tax public pensions above $100,000. It applies only to CalPERS and CalSTRS and not UC. As noted in this blog, anyone can submit and initiative (anyone with $200). But as a practical matter, you need $1-$2 million to pay signature gathering firms if … Continue reading Pension Tax?
The Sacramento Bee today carries the table below on average retirement ages under various state pensions. UC faculty (not clear how that is defined; probably a lot more than ladder Senate faculty) have the oldest age.Source http://www.sacbee.com/2011/06/12/3694100_a3693990/roger-niello-others-push-raising.html
A group whose funding sources are cloudy - the California Foundation for Fiscal Responsibility - plans a grand unveiling today of a study on pension funding in California. The report below indicates it covers California's 5 biggest pension funds. After CalPERS and CalSTRS, UCRP is the 3rd largest at the state level.As numerous posts on … Continue reading UC Pension Plan May Be Targeted Today