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Keyword: calpers

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  • Moody's: US Public Pension Funds Face Nearly $1 Trillion in Losses

    03/25/2020 7:47:37 PM PDT · by Jim Robinson · 42 replies
    newsmax ^ | Mar 25, 2020
    The market crash and the economic fallout from the coronavirus have led to nearly $1 trillion in investment losses for U.S. public pension funds, Moody's Investors Service said. The credit rating agency said the funds are generally facing an average investment loss of about 21% in the fiscal year that ends June 30, based on a March 20 snapshot of market indexes. The severity of the spreading COVID-19, the disease caused by the virus, and government-ordered shutdowns in various U.S. states have weighed heavily on Wall Street, with the Dow Jones Industrial Average erasing over three years of gains in...
  • CalPERS loses $69 billion in biggest market losses since Great Recession

    03/22/2020 7:25:44 AM PDT · by rintintin · 31 replies
    Sacramento Bee ^ | March 22 2020 | BY WES VENTEICHER
    The pot of invested money used to pay for hundreds of thousands of California public employee pensions has shrunk by $69 billion as coronavirus has squeezed global markets. The California Public Employees’ Retirement System’s fund balance stood about $335 billion Thursday, down from a record high of $404 billion one month ago, according to CalPERS officials. The California State Teachers’ Retirement System likely experienced similar losses, but the system doesn’t publicly report its value as often as CalPERS does. Its value stood about $243 billion at the end of February. Read more here: https://www.sacbee.com/news/politics-government/the-state-worker/article241391841.html?#storylink=cpy
  • White House:.... California pension fund subsidizing Chinese plans to 'overmatch' US military

    03/11/2020 5:41:35 PM PDT · by caww · 13 replies
    washingtonexaminer ^ | 3/11/2020 | Joel Gehrke
    American investors are bankrolling China’s plan to drive the U.S. military from the Indo-Pacific region and risking their own retirement funds in the process. “Why are we sending American capital to a country and supporting a defense industry that's popping out a couple destroyers and frigates a month and threatening to have total overmatch against us in the Pacific?” White House national security adviser Robert O’Brien said "I don't see why we should be underwriting the Chinese defense industry.” O’Brien singled out the California Public Employees' Retirement System, the largest retirement fund in the country, for a special warning that...
  • GOP lawmaker accuses California public pension fund of investing in blacklisted Chinese companies

    02/17/2020 5:51:57 PM PST · by bitt · 11 replies
    The Hill ^ | 02/13/20 | BY KAELAN DEESE
    Rep. Jim Banks (R-Ind.) on Thursday said that he has written a letter to California Gov. Gavin Newsom (D) to voice concerns over the state's public pension fund chief and his connections with China. The Indiana congressman is calling out the California Public Employees' Retirement System (CalPERS), the largest state pension fund in the U.S., for allegedly investing in numerous select blacklisted Chinese companies that manufacture military products. The California-based fund invested $3.1 billion into 172 different Chinese companies, Banks said in an appearance on Fox Business Network. He said that some of the companies invested in have been blacklisted...
  • Larkspur cuts ties with wastewater treatment provider (California)

    11/13/2018 5:10:43 AM PST · by ptsal · 6 replies
    Marin Independent Journal ^ | Nov 08, 2018 | Matthew Pera
    Citing concerns about possible pension liability, Larkspur officials this week took the first step toward severing the city’s membership in the Central Marin Sanitation Agency, a wastewater organization it helped form in the late 1970s. The Larkspur City Council agreed Wednesday to give up the city’s seat on Central Marin’s six-member board of directors, which governs the infrastructure that treats sewage collected from Larkspur and other nearby areas. The council will vote on formal resolutions declaring the city’s severance at future meetings. But Larkspur’s voice won’t be completely flushed down the drain when the withdrawal is finalized, one of the...
  • CEO of California's $350B pension fund has no degree (CALPERS Union hackery)

    09/14/2018 3:21:58 PM PDT · by MarchonDC09122009 · 67 replies
    KRON4 News ^ | 9/14/2018 | KRON4
    https://www.kron4.com/news/california/ceo-of-california-s-350b-pension-fund-has-no-degree/1444506328 KRON4 News - CEO of California's $350B pension fund has no degree Updated: Sep 14, 2018 11:07 AM PDT SACRAMENTO, Calif. (AP) - The chief executive of California's $350 billion pension fund does not have a college degree and the revelation has startled some retirees. Marcie Frost leads the California Public Employee Retirement System, the nation's largest retirement system. The Sacramento Bee reports that Frost did not claim to have a college degree when she was hired to lead CalPERS in 2016, but Frost is under fire now after a blogger alleged Frost implied in her application and in a...
  • Opinion: How did CalPERS dig a $153 billion pension hole?

    11/13/2017 11:39:45 AM PST · by Oldeconomybuyer · 41 replies
    San Jose Mercury-News ^ | November 13, 2017 | by Dan Pellissier
    During the next five weeks, the CalPERS board, custodian of $326 billion in assets needed to fulfill retirement promises for 1.8 million California public employees and beneficiaries, will make decisions affecting government budgets for decades to come. The problem is, despite their fiduciary duty under the state Constitution to “protect the competency of the assets” under their absolute control, CalPERS is roughly $153 billion short of fully funding the retirement promises earned to date. How did CalPERS dig this huge hole? During the last decade, they manipulated actuarial assumptions and methods to keep employer and employee contribution rates low in...
  • Shocker! LA Pension Gap Spirals Past $10 Billion

    09/17/2017 9:19:08 PM PDT · by george76 · 25 replies
    CityWatch Los Angeles ^ | 14 SEPTEMBER 2017 | MARC JOFFE
    California pension worries most often focus on CalPERS and CalSTRS, the state’s two multi-employer behemoths. But the state has many other underfunded plans, and these city and county systems pose significant challenges for governments that contribute to them. The City of Los Angeles faces the largest municipal pension funding gap, measured in absolute dollar terms. According to the city’s 2016 Comprehensive Annual Financial Report, Los Angeles’ Net Pension Liability totaled $8.2 billion. Curiously, this number does not appear on the city’s government-wide balance sheet (called a Statement of Net Position). Instead, the $8.2 billion is reported as part of LA’s...
  • Public workers from two more California towns expected to lose CalPERS pensions

    09/14/2017 6:53:17 PM PDT · by SeekAndFind · 20 replies
    Sacramento Bee ^ | 09/13/2017
    Ten workers and retirees from government agencies in two far corners of California likely will see their pensions slashed because their employers have not paid bills to the state’s largest retirement fund in more than a year. Trinity County Waterworks District No. 1 west of Redding and Niland Sanitary District from Imperial County are in line to become the third and fourth government agencies to break with CalPERS over the past 12 months in a manner that shortchanges their retirees. The CalPERS Board of Administration is scheduled next week to vote on ending contracts with the two small districts because...
  • California Cover Up–Billions to Prop Up Collapsing Pension System

    05/23/2017 10:12:55 AM PDT · by george76 · 29 replies
    California Political Review ^ | May 22, 2017 | Stephen Frank
    Guv Brown is going to “loan” $6 billion from a previously unknown slush fund to keep CalPERS doors open. That is after he GIVES then $500 million, so they can keep sending out checks. This is an economic disaster for the people of California—and another reason to leave for a Free State beofre your family finances are destroyed. ... employees don’t share in the cost of Unfunded Liabilities. 100% of that cost falls on citizens, whose services get crowded out and taxes get raised to pay off the liabilities. Jerry Brown proposes to borrow from a citizen-funded restricted fund to...
  • California schools may face cuts amid skyrocketing pension costs

    01/24/2017 7:03:17 AM PST · by george76 · 57 replies
    San Francisco Chronicle ^ | January 23, 2017 | Jill Tucker
    Public schools around California are bracing for a crisis driven by skyrocketing worker pension costs that are expected to force districts to divert billions of dollars from classrooms into retirement accounts, education officials said. The depth of the funding gap became clear to district leaders when they returned from the holiday break: What they contribute to the California Public Employees’ Retirement System, known as CalPERS, will likely double within six years, according to state estimates. CalPERS, a public pension fund with $300 billion in assets that is the country’s largest, manages retirement benefits for 1.8 million current and former city,...
  • Jerry Brown Wants 42% Gas Tax Hike to Bail Out CalPERS

    01/15/2017 9:58:11 AM PST · by Jim Robinson · 114 replies
    Breitbart ^ | January 15, 2017 | by CHRISS W. STREET
    Despite tax collection increasing by 50 percent in the last 9 years, California’s public pension insolvency is forcing Gov. Jerry Brown to propose a dangerously unpopular 42 percent increase in gasoline taxes and a 141 percent increase in vehicle registration fees. Breitbart News reported on January 9 that Gov. Brown announced that for the first time since 2012, California’s $122.8 billion General Fund Budget is in deficit by $1.6 billion. Despite a near bankruptcy during the financial crisis, California’s tax revenues have increased by about $43 billion in the last 9 years. Brown on Monday only suggested relatively painless spending...
  • CalPERS Cuts Pension Benefits For First Time

    12/27/2016 5:20:54 PM PST · by SgtHooper · 121 replies
    FoxBusiness ^ | December 20, 2016 | Adam Shapiro
    For the first time in its 85-year history, the California Public Employees Retirement System, CalPERS, is drastically cutting benefits for public retirees. Starting January 1st, four retired City of Loyalton public employees will have their pensions cut 60 percent. For 71-year-old Patsy Jardin, that means her pension will drop from about $49,000 a year to a little more than $19,000.
  • [Copied and retitled by blogger "Papa Giorgio" onto personal YouTube account ] John & Ken Discuss

    The pension crisis in California is the worst in the country, and it will continue to get worse as Jerry Brown and the environmentalists strap this state with regulations that choke businesses to death -- see: ✦ California Regression - Eco Craziness - https://youtu.be/MuKO0pjCes8 ✦ Cow-Farts in London - Jerry Brown - https://youtu.be/nl6Vcvogcyg
  • Stanford Study Reveals California Pensions Underfunded By $1 Trillion Or $93k Per Household

    12/03/2016 7:06:36 AM PST · by george76 · 72 replies
    Zero Hedge ^ | Dec 2, 2016 | Tyler Durden
    Earlier today the Kersten Institute for Governance and Public Policy highlighted an updated pension study, released by the Stanford Institute for Economic Policy Research, which revealed some fairly startling realities about California's public pension underfunding levels. After averaging $77,700 per household in 2014, the amount of public pension underfunding for the state of California jumped to a staggering $92,748 per household in 2015. But don't worry, we're sure pension managers can grow their way out of the problem...hedge fund returns have been stellar recently, right? Stanford University’s pension tracker database pegs the market value of California’s total pension debt at...
  • Infrastructure investors go big

    11/06/2016 8:16:17 AM PST · by Tolerance Sucks Rocks · 3 replies
    Pensions & Investments ^ | October 31, 2016 | Arleen Jacobius
    Pension funds and other asset owners increasingly are investing in U.S. infrastructure, often buying the assets from infrastructure money managers. This could be a win-win. Investor interest comes at a time when the first crop of infrastructure funds raised in the U.S. in 2004 and 2005 are coming to the end of their 10-year life span. Managers are expected to bring more transactions to market to take advantage of growing interest by direct investors. Industry insiders expect more infrastructure core projects to change to institutional investor ownership. Investors prize the core projects, even though returns generally are lower than investments...
  • CalPERS posts worst year since 2009, with slim returns

    07/18/2016 8:56:52 PM PDT · by bkopto · 29 replies
    LA Times ^ | July 18, 2016 | James Koren
    California’s largest public pension fund made a return of less than 1% in its most recent fiscal year, the fund’s worst performance since 2009. The California Public Employees’ Retirement System said Monday that its rate of return for the year ended June 30 was just 0.61%. What’s more, Ted Eliopoulos, the pension fund’s chief investment officer, said the poor year has pushed CalPERS’ long-term returns below expected levels. “We have some challenges to confront,” Eliopoulos said during a conference call. “We’re moving into a much more challenging, low-return environment.” CalPERS assumes that, in the long-term, it will earn investment returns...
  • California pension investment ticks off state engineers’ union

    05/15/2016 12:47:13 AM PDT · by Tolerance Sucks Rocks · 1 replies
    The Sacramento Bee ^ | May 10, 2016 | Jon Ortiz
    Add one more investment to the list of CalPERS’ controversial investments: a privately run state highway. The retirement fund recently purchased 10 percent of Indiana Toll Road Concession Co. The firm runs a 157-mile stretch of highway that runs across northern Indiana from Illinois to Ohio. California’s state engineers’ union says it’s a horrible investment that sinks government employees’ money into a project that, ironically, is hostile to government employees. The toll-road company is the first of what fund managers anticipate will be more investments in infrastructure and transportation projects as the $291 billion system broadens its reach into those...
  • CalPERS learns social responsibility can be a drag

    04/08/2016 7:09:44 AM PDT · by C19fan · 2 replies
    Reuters ^ | April 5, 2016 | Kevin Allison
    CalPERS is learning that social responsibility can be a drag. The $290 billion California pension manager may reinvest in tobacco stocks after a report found that exiting the sector cost it $3 billion of potential investment gains over 15 years. There’s more to the idea than higher returns, though. Engaging financially with controversial firms can be a better way to effect change.
  • More Evidence That CalPERS Board (and Staff?) Does Not Understand Finance

    02/22/2016 1:54:36 PM PST · by Lorianne · 9 replies
    Naked Capitalism ^ | 22 February 2016 | Yves Smith
    This is just scary. As those of you who follow the CalPERS soap opera may recall, California Governor Jerry Brown pushed for the giant pension fund CalPERS to lower its assumed investment return from 7.5% to 6.5%. Given that the world is headed towards deflation and that CalPERS earned only 2.4% for the fiscal year ended June 30, 2015, Brown’s request seemed entirely reasonable. Instead, the board approved a staff proposal to move to the 6.5% target over 10 years. One of the things that is perverse about pension accounting is that the convention is that the liabilities, that is,...