Anne Stausboll News
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California taxpayers may see the municipal pension contributions they fund for the California Public Employees’ Retirement System rise as much as 50 percent under a plan to fill $87 billion in unfunded obligations.
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Stockton, California, the biggest U.S. city to file for bankruptcy, won a judge’s permission to stay under court protection after he found that creditors didn’t negotiate in good faith with the city.
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The California Public Employees’ Retirement System said it is in talks with Governor Arnold Schwarzenegger ’s administration on a proposal to borrow $2 billion from the fund to help the state balance its budget.
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The California Public Employees’ Retirement System, the largest U.S. pension, said it’s cooperating with a state investigation into whether its top staff and board members failed to properly disclose gifts.
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Victories for measures to rein in pension costs in San Diego and San Jose, California’s second- and third-largest cities, may show other cash-strapped U.S. municipalities a path to follow, local officials say.
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The California Public Employees’ Retirement System is seeking to sue bankrupt San Bernardino over missed pension payments, the second potentially precedent- setting fight the fund picked with a California city this year.
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California Governor Jerry Brown sued State Street Corp. in 2009, when he was attorney general, for “unconscionable fraud” against pension funds over foreign- exchange pricing. That didn’t stop the largest of the funds from striking a new three-year deal with the firm.
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Benefit payments in 2010 by the California Public Employees’ Retirement System, the largest U.S. public pension, spurred more than $26 billion in economic activity in the state, the fund said in a report.
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The California Public Employees’ Retirement System’s outside money-managers paid $180 million over the past decade to middlemen they hired to win business from the largest U.S. public pension, according to a report examining the use of so-called placement agents.
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The California Public Employees’ Retirement System, the largest U.S. pension fund, must offer long-term care insurance to same-sex couples and domestic partners, a federal judge ruled.
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