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Keyword: calstrs

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  • Cerberus to Sell Bushmaster Maker After Shootings (Pressured by Calif. Teachers Pension)

    12/18/2012 9:44:44 AM PST · by kristinn · 59 replies
    Reuters ^ | Tuesday, December 18, 2012 | Sakthi Prasad
    Following pressure from a major investor, U.S. private equity firm Cerberus Capital Management is selling gunmaker Freedom Group, whose Bushmaster AR-15 rifle was used in the Connecticut school massacre last week. The California State Teachers' Retirement System (CalSTRS) said on Monday it was reviewing its investment with Cerberus in the wake of Friday's shooting, in which a gunman killed 20 children and six adults at Sandy Hook Elementary School and then took his own life. Before going to the school, the gunman, Adam Lanza, 20, shot dead his mother in the home they shared, according to law enforcement officials. In...
  • California officials seek higher rates for meal reimbursements

    08/04/2011 4:22:41 PM PDT · by BenLurkin · 5 replies
    sacbee ^ | August 3, 2011
    The chief executives of CalPERS and CalSTRS along with Controller John Chiang and Treasurer Bill Lockyer are asking the Brown administration to overhaul the state's travel meal reimbursement rates to help accommodate for trips to expensive locales. Read more: http://blogs.sacbee.com/the_state_worker/2011/08/california-officials-seek-higher-rates-meal-reimbursements.html#ixzz1U6X38OST
  • Dan Walters: Pension hike revelations show massive failure

    07/30/2010 7:38:35 AM PDT · by SmithL · 8 replies · 3+ views
    Sacramento Bee ^ | 7/30/10 | Dan Walters
    Gov. Arnold Schwarzenegger insists he won't sign a new state budget unless the Legislature rolls back a hefty increase in state employee pensions enacted 11 years ago. It's the latest wrinkle in Schwarzenegger's years-long war with the California Public Employees' Retirement System and state worker unions over what he contends is an unsustainable and "inexcusable" pension system that's killing the state budget. CalPERS and the unions respond, in effect, that the system is sound, despite multibillion-dollar investment losses, and that once the economy recovers, the nation's largest pension fund will resume hefty earnings to cover its obligations. As the argument...
  • California's Half-Trillion-Dollar Pension Fund Mess: Blame Jerry Brown (and don't vote for him)

    06/02/2010 11:43:14 AM PDT · by SeekAndFind · 15 replies · 789+ views
    American Thinker ^ | 04/2010 | Jane Jamison
    California is the nation's shameful example of what happens when Democrats influenced by big-government labor rule the statehouse for forty years. With 12.5% unemployment (up from 4.5% a mere three years ago) and a "recognized" budget deficit of $21 billion, California has just found that out it is in much, much more financial trouble than anyone, especially a Democrat, really wants to admit. California's governor Schwarzenegger commissioned a study by Stanford University, which has found that California's three public employee pension funds (The California Public Employees' Retirement System [CalPERS], California State Teachers' Retirement System [CalSTRS], and University of California...
  • CalPERS to extend contract of financial firm accused of fraud

    02/17/2010 9:13:28 AM PST · by NormsRevenge · 1 replies · 127+ views
    SaC bee ^ | 2/16/10 | Dale Kasler
    CalPERS plans to extend a management contract with financial services giant State Street Corp., the same firm accused in a lawsuit of defrauding CalPERS and CalSTRS. The one-year extension, announced Tuesday at a meeting of CalPERS' investment committee, brought concern from state Treasurer Bill Lockyer, a fund board member. "My question is whether we ought to be extending business relationships with firms that may have defrauded the state of California," he said in an interview. But the California Public Employees' Retirement System staff said the bidding process on a new contract is so lengthy, the one-year extension became a necessity....
  • California bill to divest Iran investments signed ( Teacher's Union not happy ? )

    10/16/2007 8:50:24 AM PDT · by george76 · 8 replies · 258+ views
    Reuters ^ | October 15
    California Gov. Arnold Schwarzenegger signed a bill on Sunday, as he previously said he would, to bar the two biggest U.S. public pension funds from investing in companies doing business in Iran. The bill, which affects the California Public Employees' Retirement System and the California State Teachers' Retirement System, comes amid heightened tensions between the United States and Iran. Schwarzenegger's office had issued an announcement last month stating he would sign the bill while he was in New York as Iranian President Mahmoud Ahmadinejad was appearing at Columbia University. "I couldn't be more proud to sign this bill," Schwarzenegger echoed...
  • CA: Pay to play - Pols hang 'for sale' sign on pension funds (CalSTRS)

    09/18/2006 9:58:47 PM PDT · by NormsRevenge · 3 replies · 389+ views
    San Diego Union - Tribune ^ | 9/18/06 | Editorial
    Even as it tackled a long-term $20 billion gap in funding for the state's school employees, the California State Teachers' Retirement Board found time at its meeting last week to plug another hole: the millions of dollars that firms which handle, or want to handle, pension fund investments have donated to board trustees who are also elected officers. The state treasurer, the controller and the superintendent of public instruction, each of whom by virtue of the office sits as a CalSTRS trustee, all run for election or re-election statewide. That takes money. If they decide to run for higher statewide...
  • CA: Oakland teacher picked to sit on CalSTRS board

    08/29/2006 12:44:57 PM PDT · by NormsRevenge · 3 replies · 373+ views
    Sac Bee ^ | 8/29/06 | Gilbert Chan
    Gov. Arnold Schwarzenegger on Monday tapped an Oakland high school teacher and government ethics advocate for the state teachers' retirement board. Peter Reinke, a third-generation teacher, will join the 12-member board of the influential California State Teachers' Retirement System, filling the post vacated by controversial Schwarzenegger adviser David Crane. Under fire by teachers' groups and labor unions, Crane was ousted last June by Senate Democrats who said the governor's special adviser for jobs and economic growth was not the right fit for the post at the $142 billion fund. Crane came under criticism for his refusal to oppose a legislative...
  • Perata, Bowen, Cedillo show true loyalties

    06/10/2006 9:22:07 AM PDT · by NormsRevenge · 4 replies · 290+ views
    San Diego Union - Tribune ^ | 6/10/06 | Editorial
    For years, Sacramento wags have joked about “state Sen. Rudy Bermudez, D-California Correctional Peace Officers Association,” because the only thing the Norwalk lawmaker seems to care about is propping up the pay and benefits of prison guards. Given what happened this week in the Legislature, it is now just as proper to think of Sens. Don Perata, Debra Bowen and Gil Cedillo as being “D-California Teachers Association” – because their primary allegiance obviously isn't to Californians in general. This week Perata, Bowen and Cedillo killed Gov. Arnold Schwarzenegger's nomination of David Crane, a highly regarded San Francisco financier, to the...
  • CA: Senate rejects governor's nominee for pension board (Dem slanted panel reject Gub's dem nominee)

    06/08/2006 7:03:59 PM PDT · by NormsRevenge · 2 replies · 182+ views
    Democratic lawmakers have denied David Crane, one of Gov. Arnold Schwarzenegger's friends and economic advisers, a seat on the California State Teachers' Retirement System board. The Senate Rules Committee voted 3-2 along party lines Wednesday to reject the Republican governor's appointment of Crane to the board. Democrats said they were concerned he would not protect teachers' pensions. Schwarzenegger last year was forced to withdraw an attempt to alter public employee pensions after police and firefighters launched an ad campaign against it. The governor wanted to shift retirement plans for teachers and other public employees to a defined-contribution system - one...
  • CalSTRS to retain China oil holdings (PetroChina)

    02/03/2006 10:43:14 AM PST · by NormsRevenge · 1 replies · 154+ views
    Sac Bee ^ | 2/3/06 | Clea Benson
    Fearing they could set an unwelcome precedent, trustees of the California State Teachers' Retirement System on Thursday rejected a call to shed holdings in PetroChina Co. The decision deals a setback to CalSTRS trustee and state Treasurer Phil Angelides, who pushed for divestment, arguing the fund faced "unwarranted risk" because of the government-controlled Chinese oil company's business ties in strife-torn Sudan and environmental disaster in northeastern China. CalSTRS, the nation's second largest public pension fund with $137.1 billion in assets, owns 19.9 million shares of PetroChina, worth about $15.5 million. Trustees also signaled little immediate interest in divesting investments in...
  • CA: Treasurer calls on teachers fund to divest Chinese energy holding (Phil Angelides)

    12/02/2005 4:11:05 PM PST · by NormsRevenge · 3 replies · 336+ views
    ap on Bakersfield Californian ^ | 12/2/05 | Tom Chorneau - ap
    SACRAMENTO (AP) - The state pension fund for teachers should sell its $24 million investment in PetroChina Co. following a massive chemical spill at one of the company's plants in northeastern China, state Treasurer Phil Angelides said Friday. Angelides said the firm was slow to respond to the Nov. 13 disaster, which contaminated the drinking water supply for nearly 4 million people. He said the company also has ties to the Sudanese government, which has been accused of human rights violations. "It is clear that PetroChina's activities demonstrate significant environmental risks, human rights violations and ethical liabilities that present too...
  • CA: Judge rules in favor of teachers in $500 million pension battle

    05/04/2005 8:21:21 PM PDT · by NormsRevenge · 11 replies · 449+ views
    Bakersfield Californian ^ | 5/4/05 | AP - Sacramento
    SACRAMENTO (AP) - A Sacramento County judge sided with the teachers' retirement system Wednesday in its battle with the state over a $500 million pension fund contribution. Superior Court Judge Judy Holzer Hersher ruled that former Gov. Gray Davis and legislators broke a "clear and unambiguous" requirement when they withheld the payment as part of efforts to balance the state's 2003-04 budget. The money was supposed to be used for supplemental payments to 63,000 retired educators or their survivors to restore pension purchasing power eroded by inflation. Carolyn Widener, chairwoman of the California State Teachers' Retirement System's board, said the...
  • Payback: Senate reject governor's nominee to CalSTRS Board

    04/06/2005 7:02:26 PM PDT · by calcowgirl · 2 replies · 230+ views
    AP - Monterey Herald ^ | April 6, 2005 | JIM WASSERMAN
    SACRAMENTO, (AP) -- Two months after Gov. Arnold Schwarzenegger fired four of his nominees to the California State Teachers Retirement System board for opposing his privatization plan for public employee pensions, the Senate retaliated Wednesday by refusing to confirm a Schwarzenegger appointee who supports the idea. The Senate Rules Committee refused to confirm Kathleen Smalley, a real estate finance specialist from Los Angeles, to oversee the $125 billion retirement system, making her the newest casualty of a fiercely partisan struggle over the future of California's $300 billion pension systems. "Ms. Smalley's 'no' vote on the motion to oppose the pension...
  • CA: Pension funds pursue the green stuff - CalPERS and CalSTRS seek firms..ahead of..curve on trends

    03/28/2005 3:29:40 PM PST · by NormsRevenge · 3 replies · 329+ views
    Sac Bee ^ | 3/28/05 | Gilbert Chan
    California's largest public pension plans want investors to think green - as in money and the environment. And they want deep-pocket investors to think beyond feel-good investments such as power-generating solar and wind farms - to wireless sensors to monitor power usage in supermarkets, or to home water-treatment systems. Investors can make money by mining opportunities in emerging clean technology ventures, say officials at the influential California Public Employees' Retirement System and California State Teachers' Retirement System. Or, they say, they can eventually lose money by ignoring the future financial risks of greenhouse gas emissions. "We're trying to look at...
  • CA: Governor's pension plan gets chilly reception at Assembly hearing

    03/02/2005 5:51:43 PM PST · by NormsRevenge · 3 replies · 262+ views
    Bakersfield Californian ^ | 3/2/05 | Jim Wasserman - AP
    SACRAMENTO (AP) - One day after Gov. Arnold Schwarzenegger announced plans to push his pension overhaul campaign to the ballot later this year, an Assembly hearing into the proposed changes quickly showed more hostility among lawmakers than support. The Democrat-dominated Committee on the Public Sector heard testimony from a Republican lawmaker and key Schwarzenegger official on privatizing the state's pension systems, but openly feuded with them, revealing the growing partisan divide over the issue. "Are we wasting our time here when the governor has already flipped us the bird publicly?" asked Assemblyman Paul Koretz, D-West Hollywood, during testimony by state...
  • CA: THEY PROTEST TOO MUCH

    02/18/2005 12:10:31 AM PST · by GVnana · 2 replies · 393+ views
    Office of Assemblyman Ray Haynes | January 2005 | Assemblyman Ray Haynes
    CA: THEY PROTEST TOO MUCH by Assemblyman Ray HaynesThe most interesting proposals in last week’s state of the State speech by Governor Schwarzenegger were the merit pay for teachers and the idea for changing how public employee pensions are handled. Both ideas have raised the ire of the public employee unions, and neither is likely to move very far in the California Legislature. Merit pay for teachers is a very simple idea. Our school system should reward the good teachers. Currently state law mandates that each school district adopt a “single salary schedule”, and that pay increases can only be...
  • CA: CalPERS targets emissions

    02/15/2005 9:01:50 AM PST · by NormsRevenge · 12 replies · 342+ views
    Sac Bee ^ | 2/15/05 | Gilbert Chan
    Trustees of the California Public Employees' Retirement System approved a campaign Monday asking automakers, utilities and other public companies to reveal their efforts to curb global warming. The four-prong environmental initiative, approved unanimously by CalPERS board members, comes as the international Kyoto Protocol for cutting greenhouse gas emissions takes effect Wednesday. It also comes after automakers spurned a meeting with CalPERS and the California State Teachers' Retirement System to explain a lawsuit against new state rules clamping down on greenhouse-gas exhaust from cars. "This is a bad time for the automakers to be turning in the other direction," said CalPERS...
  • CA: Governor ousts CalSTRS appointees who oppose his pension plan

    02/10/2005 6:45:46 PM PST · by NormsRevenge · 29 replies · 557+ views
    Bakersfield Californian ^ | 2/10/05 | Jim Wasserman - AP
    SACRAMENTO (AP) - A week after they voted to against his plan to privatize the state's public pension system, Gov. Arnold Schwarzenegger Thursday ousted four of his appointees to the board of the California State Teachers Retirement System. The sudden firings of Mark Battey, James Gray, Miguel Pulido and Gloria Hom, who were appointed by Schwarzenegger to the board last year, leave one-third of the 12-member board vacant. Last month, Schwarznegger proposed turning the state's two huge public pension plans into a system more like a 401(k) savings plan in which workers make defined contributions. CalSTRS and its board manages...
  • CA: Arguments honed in fight over state pensions

    01/14/2005 9:51:48 AM PST · by NormsRevenge · 1 replies · 279+ views
    Sac Bee ^ | 1/14/05 | John Hill
    Government workers and their unions say that scrapping traditional public pensions, as Gov. Arnold Schwarzenegger proposed last week, would make it hard for the state to hire and keep qualified workers. It would rewrite the long-standing deal in which government workers trade better pay for more secure retirement, they say. Backers of the overhaul disagree, saying government workers now approach pay parity with the private sector. New 401(k)-style accounts will let workers change jobs without giving up retirement benefits, they say, encouraging a healthy rate of turnover. The reality is more complicated than either side depicts. Take the issue of...
  • CA: Tough time for CalSTRS

    12/03/2004 8:36:20 AM PST · by NormsRevenge · 5 replies · 354+ views
    Sac Bee ^ | 12/3/04 | Gilbert Chan
    With a massive funding shortfall looming, trustees of the California State Teachers' Retirement System began grappling Thursday with the painful task of either boosting pension contributions or slashing benefits for newly hired teachers. Ultimately, officials predicted, benefits for future retirees will have to be cut by $50 to $500 a month to erase a funding gap expected to be $23.1 billion in three decades. Pension plan executives laid out a series of possible cost-cutting and revenue-generating steps: * The state could sell pension obligation bonds. CalSTRS would then use the proceeds to increase investments, hoping to generate hefty returns to...
  • Poll: Sinclair should show both sides (Consumers Union Poll believe it or not)

    10/21/2004 10:33:25 AM PDT · by SierraWasp · 44 replies · 656+ views
    CBS MarketWatch.com ^ | 10/21/04 | Jon Friedman
    Poll: Sinclair should show both sides By Jon Friedman, CBS.MarketWatch.com Last Update: 1:12 PM ET Oct. 21, 2004 NEW YORK (CBS.MW) -- People responding to a Consumers Union poll overwhelmingly said that Sinclair Broadcasting Group, the largest U.S. television station company, should air opposing points of view and not only a documentary reviling presidential candidate John Kerry. According to Consumers Union, the vast majority of Americans aware of the Sinclair situation believed that the opposing political viewpoint should be presented, regardless of where they stood in the political spectrum. "It's abundantly clear the public wants and expects balance, fairness and...
  • CalSTRS appointees

    04/03/2004 8:47:03 PM PST · by NormsRevenge · 146+ views
    Sac Bee ^ | 4/3/04 | Gilbert Chan
    <p>Gov. Arnold Schwarzenegger on Friday appointed two educators and three business people to the governing board of the California State Teachers' Retirement System.</p>
  • CalPERS again embraces activist agenda

    12/21/2003 12:00:51 PM PST · by NormsRevenge · 8 replies · 192+ views
    Sac Bee ^ | 12/21/03 | Dale Kasler
    <p>CalPERS' lawsuit against the New York Stock Exchange highlights a renewed commitment to shareholder activism at the mega-pension fund, a commitment sparked by a rash of corporate scandals and the emergence of ambitious new Democratic leaders eager to make waves.</p>
  • CalPERS attacks NYSE plan

    11/07/2003 9:33:58 AM PST · by NormsRevenge · 5 replies · 145+ views
    Sac Bee ^ | 11/7/03 | Dale Kasler
    <p>CalPERS stepped up its criticism Thursday of John Reed's plan to reform the New York Stock Exchange, calling on the Securities and Exchange Commission to reject the proposal and urging other pension funds to lobby for the plan's demise.</p> <p>"He's looking for incremental reform; we're looking for comprehensive reform," Sean Harrigan, president of the influential California pension fund, said after meeting in New York with Reed, the NYSE's interim chairman.</p>
  • CA: Pension funds sought for `war'

    03/07/2003 9:56:00 AM PST · by NormsRevenge · 8 replies · 259+ views
    SJ Mercury News ^ | 3/7/03 | Mark Schwanhausser
    <p>California Treasurer Phil Angelides called Thursday for the state's two huge pension funds to combine forces in what he calls a ``war'' to clean up corporate wrongdoing and re-establish faith in the financial markets.</p> <p>His goal is to form a single unit that would press for corporate reforms, conduct investigations and scrutinize corporate activities for both the $133 billion Public Employees' Retirement System and the $90 billion State Teachers' Retirement System.</p>
  • CA: State pension fund's investment losses weigh on taxpayers

    02/16/2003 9:30:18 PM PST · by NormsRevenge · 11 replies · 419+ views
    SJ Mercury News ^ | 2/16/03 | Matt Marshall
    <p>A multibillion-dollar bill for the state's public employee retirement plan is coming due now that the plan's investment income has dried up.</p> <p>And taxpayers will be asked to pay it.</p> <p>The bill is expected to be $2 billion next year to cover commitments to the 1.3 million members of the California Public Employees' Retirement System. That's up 195 percent from last year's $677 million, and 43 percent over this year's $1.4 billion.</p>
  • Is Gray Davis Looting California Retirement Funds?

    08/18/2002 4:55:44 AM PDT · by snopercod · 46 replies · 553+ views
    California State Assembly Republican Caucus ^ | August 18, 2002 | the calpowercrisis gang
    Bonds and the BudgetAN OVERVIEW OF THE ADMINISTRATION'S BORROWING PROPOSALS The 2002-03 Governor's Budget reflects 11 separate borrowing proposals, including one that is already on the March 2002 Ballot (Proposition 40, Clean Water Bonds). As shown in Table 1, eight of these borrowing proposals are intended to provide resources for the budget in 2002-03, while the other four address ongoing infrastructure or energy crisis issues. The total amount of the borrowing proposals is approximately $58 billion, although not all of this amount would be borrowed during 2002-03.For each of the borrowing proposals, the table shows three figures. First, the table...