California debt now running closer to Italy and Portugal, new study finds

By California Policy Center
For Immediate Release January 11, 2017 California Policy Center Marc Joffe, (415) 578-0558 A landmark study of California’s finances reveals the state’s debt burden is approaching the levels of Italy and Portugal, where debt crises in 2011 and 2012 drove the Eurozone countries to the brink of collapse. The findings come a day after...

TAGS: California, California Public Employee Retirement System, pensions, public employee pensions

Double Dipping at the Public Pension Trough

By Marc Joffe
On December 30, the Los Angeles Times reported that James Mussenden, the retired city manager of El Monte, raised his total annual cash pension benefit to $216,000 by using a Supplementary Retirement Plan from Public Agency Retirement Services (PARS). The PARS plan is not unique to El Monte: if the leadership of any public agency...

TAGS: public employee pensions

Dallas Pension System Crisis: Could It Be Repeated in California?

By Marc Joffe
Despite a strong national economy and rallying stock market, the city of Dallas faces a pension funding crisis that has triggered fears of a municipal bankruptcy. Can something similar happen in California? Dallas’ Police and Fire Pension System (DPFP) was already teetering at the beginning of 2016, when its actuarial valuation report showed a funded...

TAGS: public employee pensions

SUITABLE FOR QUOTING: Expert Responses to CalPERS' Monday, July 18 Earnings Report

By Will Swaim
For Immediate Release July 18, 2016 California Policy Center Contact: Will Swaim (714) 573-2231 California Policy Center Responses to Monday, July 18, 2016 Earnings Report For reporters and commentary writers, the California Policy Center can make available two public finance experts. We also offer for publication these immediate responses to the CalPERS report:   ED...

TAGS: CalPERS, public employee pensions, Wall Street

Retiree with $183,690 Annual Pension Attacks Pension Critics

By Edward Ring
“Critics of public employee retirement benefits are engaging in hyperbole and pointing to potholes as evidence that millions of elderly Californians should be stripped of their retirement savings.” Brian Rice, president, Sacramento Area Fire Fighters, Sacramento Bee, June 2, 2015 Notwithstanding the possibility that saying pension reformers want to see “millions of elderly Californians stripped of their...

TAGS: California City Pension Burdens, public employee pensions