June, 2012

…PENSION REFORM RUMORS

While we are still awaiting bill language to be released by the Conference Committee on Pension Reform, there are rumors swirling that this could come soon after a budget is signed (which occurred on June 28th).

California’s public retirement systems’ pension obligations were a combined $112 billion beyond the value of their assets in 2010, according to a report released this week, with anticipated retiree health costs adding another $77 billion in unfunded liabilities.

While Stockton’s City Council deliberated bankruptcy, voters in San Jose and San Diego overwhelmingly approved pension reforms for city employees. Meanwhile, statewide retirement reforms are being pushed in Sacramento.

New public pension accounting rules scheduled to be issued next month, once expected by some to reveal massive hidden debt, now seem less likely to trigger a shake-up and are even getting applause from pension officials.

Eye on Sacramento

THE LATEST ON PENSION REFORM

In the Conference Committee’s Hands

Last September, the California State Legislature convened a joint legislative “Conference Committee on Pension Reform” (a committee made up of members of both parties and houses