Did CalPERS Use Accounting “Gimmicks” to Enable Financially Unsustainable Pensions?

By Edward Ring
Gimmick – a concealed, usually devious aspect or feature of something, as a plan or deal. – Dictionary.com In the past week, from Millbrae’s city hall to the inner sanctum of the CalPERS leviathan in Sacramento, defenders of pensions have been active. In particular, they have criticized the recent analysis, published by the California Policy Center, “How...

TAGS: CalPERS, pension contribution increases, unfunded liability

Court Pension Decision Weakens ‘California Rule’

By Ed Mendel
The one thing some pension reformers say is needed to cut the cost of unaffordable public pensions: give current workers a less costly retirement benefit for work done in the future, while protecting pension amounts already earned. It’s allowed in the remaining private-sector pensions. But California is one of about a dozen states that have...

TAGS: "California Rule", California Public Employees Retirement System, San Jose mayor Chuck Reed, SB 400, unfunded liability

Pension Reformers are not "The Enemy" of Public Safety

By Edward Ring
“You will find that powerful financial and investment institutions are the ones promoting the attacks on your pensions. Firms like Berkshire-Hathaway and the Koch brothers are backing political candidates and causes all over the country in the hopes of making this issue relevant and in the mainstream media. Why? Because if they can crack your...

TAGS: defined benefit pension, government unions, pension reform, public sector union reform, unfunded liability

Wayne County Michigan – Following Detroit into Bankruptcy

By Mike Shedlock
Just as Detroit is coming out of bankruptcy, the entire county is about to go under. This will be especially aggravating because Detroit pensioners are already extremely upset with the pension haircuts they received. In the “too late to complain now” category, Wayne County now seeks to overturn the Detroit bankruptcy settlement. Lawyers will have...

TAGS: unfunded liability

Orange County Pensions At Risk – Unions Just Call Critics “Extremists”

By Edward Ring
“Just as the overseer of Detroit lied to the public about Detroit’s unfunded pension liability, these extremists are likewise lying to the taxpayers of Orange County, and they’re following his playbook.” –  Jennifer Muir, Communications Director, Orange County Employees Association We’re not lying, Jennifer. We’re not even stretching the truth. What government union spokesperson Muir...

TAGS: OCERS, Orange County Employee Retirement System, Public sector pensions, unfunded contribution, unfunded liability