No issue in America today better illustrates the divergent interests of working Americans and the 1 percent than pension reform. Substantial empirical evidence shows that America’s favored retirement vehicle — the 401(k), recently renounced by its own inventors — is grossly inadequate and will leave tens of millions of Americans with insufficient retirement assets. And yet states and cities are busy converting traditional pensions into these failing 401(k)s or equivalents, to the great benefit of money managers and the finance class.
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For the first time in years, CalPERS is stable enough that it no longer expects to run deficits into the middle of the century.
Though still underfunded, the $345 billion pension fund has a better financial outlook because it’s collecting more money from employers and making the most of recent stock market gains, its chief investment officer said on Monday. That should help it avoid scenarios where it has to sell investment assets to pay pensions.
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Petaluma, CA - The CalPERS Board of Administration elected Priya Mathur as board president and Rob Feckner as vice president. Mathur is the first female elected president of the CalPERS board. This will be her first term. Feckner previously served as board president and vice president.
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Sacramento, CA - Margaret Brown was declared the unofficial winner today of the runoff election for a Member-at-Large seat on the CalPERS Board of Administration. New members' four-year terms begin January 16, 2018.
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SACRAMENTO, CA - The California State Personnel Board (SPB) has re-elected Richard Costigan as its representative to the California Public Employees' Retirement System Board of Administration.
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The California Department of Motor Vehicles (DMV) will begin offering the option to apply for a federally compliant REAL ID driver license or identification (ID) card beginning January 22, 2018, at DMV offices statewide. Californians may choose either a REAL ID or a federal non-compliant card.
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Please note: CSR has an upcoming election.
The Chapter Officers & Delegates Election is for new 3 year terms in all 26 chapters.
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David Miller was declared the unofficial winner of Position A on the CalPERS Board of Administration, while Position B will go to a runoff election next month because no candidate received a majority of the votes cast.
In the vote for the Position B seat, the top two vote-getters, Incumbent Michael Bilbrey and challenger Margaret Brown, will face each other in a runoff election.
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The California Public Employees' Retirement System (CalPERS) named Charles A. Asubonten as its chief financial officer (CFO) to oversee all of its financial systems and risk programs of the $336 billion pension fund.
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SACRAMENTO, CA - The California Public Employees' Retirement System annual health Open Enrollment period for the 2018 calendar year starts September 11 and ends October 6, 2017. During this time, members enrolled in CalPERS health plans have the opportunity to review health coverage options for 2018 from the system's seven Health Maintenance Organization (HMO) and three self-funded Preferred Provider Organization (PPO) health plans.
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