14
Dec
2011

$1 billion in California budget cuts to kick in…

Categories: California Developments

Gov. Jerry Brown announced nearly $1 billion in new state budget cuts, slashing spending on higher education and eliminating funding for free school-bus service but avoiding the deeper reductions to public schools that many had feared.

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13
Dec
2011

Stanford study pegs California pensions shortfall at $500 billion…

Categories: California Developments

California's three largest pension systems have promised $500 billion beyond their current ability to make those payments to retirees, according to a study released to today by Stanford University Professor and former Democratic Assemblyman Joe Nation and a student researcher.

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21
Nov
2011

Retired public workers can count on promised benefits…

Categories: California Developments

Health benefits for government retirees may not be eliminated if state and local governments had clearly promised workers those benefits, the California Supreme Court ruled...

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10
Nov
2011

County of Yolo is the Latest to Pre-Fund with PARS

Categories: Hot Sheets,OPEB/GASB 45/75

Since its inception in 2004, GASB 45 has prompted many public agencies to address their unfunded OPEB liabilities by pre-funding into an irrevocable trust. While an agency may choose to set up its own trust, most have joined multiple-employer trusts,

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27
Oct
2011

Gov. Brown’s 12-point pension reform plan…

Categories: California Developments

The pension reform plan I am proposing will apply to all California state, local, school and other public employers, new public employees, and current employees as legally permissible.

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