Legislative Updates

02
Mar
2015

Pension Cuts for Retirees Now Possible

Categories: California Developments,Legislative Updates,National Developments,New England Developments

For the first time, Congress approved a measure allowing for the benefits of current retirees to be severely cut in order to bail out severely stressed pension funds. While this measure only impacts multi-employer plans maintained by unions, it sets an important precedent by allowing the erosion of promised benefits to current retirees.

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02
Oct
2014

CA Legislative Update – Wrapping up the 2014 Session

Categories: California Developments,Legislative Updates

September 30th was the last day for the Governor to sign or veto bills passed by the Legislature. He had 1,074 to review, signed 930 and vetoed 143. The good news is that it has been a fairly slow year bill-wise, although, we continue to see a number of clean-up provisions for issues that were left outstanding in the PEPRA.

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02
Oct
2014

Judge rules Stockton can sever CalPERS pensions

Categories: California Developments,Legislative Updates,National Developments

A bankruptcy judge handed CalPERS and organized labor a decision they’ve long feared Wednesday, declaring the city of Stockton has the right to reduce pension payments and even sever ties with the powerful pension fund. The verbal ruling from U.S. Bankruptcy Judge Christopher Klein was groundbreaking. It pierced CalPERS’ aura of invincibility and made clear, for the first time, that public employee pensions in California aren’t sacred.

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16
Sep
2014

Legislative Alert – September 2014

Categories: California Developments,Legislative Updates

A legislative session has come and gone without much fanfare in the world of pensions. The big issues we were witness to came from the PERS system, local initiatives and court rulings. That certainly doesn’t mean we were left void of any changes to pension or other post employment benefit (OPEB) laws.

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28
Jul
2014

Bills, Bills, Bills – An Update on the CA Legislative Session

Categories: California Developments,Legislative Updates

It’s been quite some time since we covered the goings ons at the State Capitol but there are a handful of bills that are currently making their way through the legislative process that you might want to keep an eye on. The Legislature has until August 31st to pass (or kill) all bills and send them to the Governor for a signature (or veto). The Gov has until September 30th to act.

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