On the chopping block: Gov. Brown joins the chorus of those predicting coming pension cuts

By Steven Greenhut
01/17/2018
Sacramento Lo and behold, it’s not just pension reformers and critics of the state’s massive pension funds who are worried about the sustainability of California’s pension systems. At a press conference announcing his proposed budget last week, Gov. Jerry Brown made some astounding comments. “When the next recession comes around,” he said, “the (next) governor...

TAGS: CalPERS, Jerry Brown, pensions

CalPERS is shocked – just shocked – to find cities reeling under the burden of growing pension debt

By Steven Greenhut
11/21/2017
Sacramento The California Public Employees’ Retirement System’s union defenders feign shock whenever pension reformers accuse it of “kicking the can down the road” in dealing with the state’s mounting pension debt. It’s like the scene from Casablanca, when Captain Louis Renault is absolutely shocked to find gambling going on in a gambling house. CalPERS is...

TAGS: CalPERS, Loyalton, pensions, unfunded liabilities

Improper state activities pale in comparison to some of the ‘proper’ ones

By Steven Greenhut
10/18/2017
Sacramento —  After reading through the recently completed state audit of “improper activities by state agencies and employees,” one might wrongly conclude that California’s massive bureaucracy of 131,000-plus employees is a well-oiled machine. After all, if this is all they could find, then the problems in state government must not go very deep. The California...

TAGS: pensions

Forget the scary pension future; study confirms the crisis is hitting now

By Steven Greenhut
10/10/2017
Sacramento — Debates about California’s pension crisis almost always focus on the big numbers – the hundreds of billions of dollars (and, by some estimates, more than $1 trillion) in unfunded liabilities that plague the public-pension funds. For instance, the California Public Employees’ Retirement System is only 68 percent funded – meaning it only has...

TAGS: CalPERS, pensions

Cities facing fiscal mess plead with CalPERS as pensions consume local budgets

By Steven Greenhut
09/26/2017
Sacramento – If you ask the union-controlled California Public Employees’ Retirement System about the state’s looming pension crisis, you’re likely to get this answer: What pension crisis? But the story was much different at CalPERS’ own Finance and Administration Committee meeting held Sept. 19. City officials from across California warned CalPERS board members about the...

TAGS: CalPERS, pensions

TAPped out: The method to CalPERS’ madness toward tiny Sierra County city

By Steven Greenhut
08/22/2017
Sacramento — Observers have wondered in recent months why the California Public Employees’ Retirement System, the nation’s largest state pension fund and one of Wall Street’s most muscular financial players, has taken such a hamfisted approach toward one of California’s tiniest and least-powerful cities. There’s a rational, albeit troubling, reason for its approach. After the...

TAGS: CalPERS, Loyalton, pensions