Articles for category CalPERS
Posted Sep 02, 2015 by
CalPERS
Retirees
Health Care
Retirement
The California Public Employees' Retirement System (CalPERS) has named Doug McKeever the new Deputy Executive Officer (DEO) for Benefit Programs Policy and Planning.
McKeever, who has [Read More...]
Posted Sep 01, 2015 by
CalPERS
Health Care
This is a video from CalPERS detailing the UnitedHealthcare Medicare Advantage PPO Plan. Read more to view the video at your leasure and learn more about the plan.
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Posted Aug 21, 2015 by
CalPERS
Retirees
Retirement
Along with taxation and immigration, one political issue that never seems to go away is the cost of public employees, especially their pensions.
Public retirement plans are consistently blamed for local and state budget woes. Any time a community runs into fiscal trouble, its workers are among the first to be demonized, and often bear the brunt of the remedies. After all, pension obligations are typically among the largest liabilities any government entity must bear, so why not hack away?
In California, pension overhaul proposals have become a perennial feature of state and local ballot campaigns. Failed proposals were aimed at the statewide ballot twice in the last four years, and the proponents of the last effort, in 2014, have started the ball rolling for a new measure.
[Read More...]
Posted Aug 12, 2015 by
CalPERS
Retirees
Politics
Retirement
Proponents of a California ballot initiative requiring pension changes to go through a public vote on Tuesday rejected Attorney General Kamala Harris’ official description of the measure as an attempt “to try to mislead the public.”
For every ballot measure, the attorney general’s office issues a short name and description to appear on the petitions that backers use to get signatures. Because it is often the entry point for voters to understand what’s in a ballot initiative, the wording carries high stakes.
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[Read More...]
Posted Jul 27, 2015 by
CalPERS
Retirees
Politics
Retirement
By Dave Low, chair of Californians for Retirement Security
In their never-ending effort to force-feed warmed-over political ideas to a skeptical public, the pension attackers are back, using new poll-tested language and focus-grouped talking points to undermine retirement security for millions of working families.
Under the Orwellian moniker of the “Voter Empowerment Act,” former San Jose Mayor Chuck Reed, former San Diego Councilman Carl DeMaio and their anti-pension cohorts are proposing nothing short of gutting the public employee pension system – one of the last bastions of middle-class economic security.
They are falsely selling their proposed ballot measure as a potential cut in pensions for new employees. In reality, it could cut or eliminate pensions earned by current employees for future work.
[Read More...]
Posted Jul 22, 2015 by
CalPERS
Retirees
State Economy
Retirement
State Employees
In an email to journalists and election officials, David Crane arrives at a false conclusion with his claim that CalPERS unfunded actuarial liability (UAL) will continue to grow unless the system achieves a return of at least 9.7%, not the 7.5% CalPERS currently assumes.
[Read More...]
Posted Jul 16, 2015 by
CalPERS
Retirees
State Economy
Retirement
The California Public Employees' Retirement System, projected to have negative cash flow for at least the next 15 years, is looking to recast investment priorities to slash the complexity and volatility embedded in its $301-billion portfolio, officials said on Tuesday.
Fund officials, recognizing that the wave of retiring baby boomers means it will pay out more in benefits than it takes in from contributions and investment income - a gap that could reach $10 billion by 2030 - are expecting to pivot more toward assets that deliver reliable income than in the past.
[Read More...]
Posted Jun 17, 2015 by
CalPERS
Retirees
National Economy
State Economy
Retirement
The California Public Employees’ Retirement System (CalPERS) today released its annual CalPERS for California Report, detailing the broad ancillary benefits the System’s investments generated in California for the 2013-14 Fiscal Year. Additionally, CalPERS released an updated version of the California Initiative Report, highlighting a program that encourages investments in companies located in traditionally underserved California markets.
[Read More...]
Posted Jun 16, 2015 by
CalPERS
Retirees
Health Care
Retirement
CalPERS -- The California Public Employees' Retirement System's (CalPERS) Pension and Health Benefits Committee (PHBC) recommended June 16 the Pension Fund's Board of Administration adopt health care premium rate and plan changes for 2016. The recommendations include adopting a Medicare plan alternative - UnitedHealthcare's (UHC) Medicare Advantage Preferred Provider Organization (PPO) plan - and eliminating Medicare Advantage plans currently offered by Anthem Blue Cross, Blue Shield of California, Health Net and Sharp. Kaiser Permanente will continue to offer its Medicare Advantage plan and the CalPERS PPO Medicare Supplement plans will remain in place.
CalPERS' decision to adopt UHC's PPO could save a minimum of $24 million if at least 40,000 members move into this new Medicare plan option.
[Read More...]
Posted Jun 16, 2015 by
CalPERS
Retirees
Health Care
Retirement
Sacramento Bee -- Thousands of calls to California’s Medi-Cal complaint lines don’t get through, and thousands more that manage to ring the call center go unanswered, according to a new state audit.
For the year that ended in January 2015, the phone system to the Medi-Cal Ombudsman Office rejected up to 45,000 calls in a month, State Auditor Elaine Howle said in her report to lawmakers.
[Read More...]
Posted Jun 04, 2015 by
CalPERS
Retirees
Politics
Retirement
"Inadequate financial preparation for retirement is a growing national concern. Defined benefit plans are the most cost-efficient way to save for retirement and should remain an important tool in retirement planning. All employees – whether in the public or private sectors – should have effective means to pursue retirement security," CalPERS said in a statement issued June 4.
[Read More...]
Posted Jun 04, 2015 by
CalPERS
Retirement
Fuzzy Math Continues To Drive Public Pension Hysteria
By Association of Deputy District Attorneys Board of Directors
Public employee pension systems are an integral part of recruiting and retaining high-performing public employees. They align the interests of the employer and the employee. A pension allows attorneys to work for the county District Attorney despite the prospect of a higher income in private practice. Once hired, DDAs have an incentive to stay during the most productive years of their career; and at the end of that career, DDAs can leave the office rather than cling to the job because it is their only source of income.
[Read More...]
Posted Jun 04, 2015 by
CalPERS
Retirees
Politics
Retirement
For the third time in four years, advocates for altering public pensions have a plan they want to put to a statewide vote.
But this time the proposal by pension-change advocates Chuck Reed and Carl DeMaio has a new twist: Pensions and other retirement benefits themselves would automatically become a matter of ballot-box politics by requiring voter approval any time government officials sought to upgrade benefits.
[Read More...]
Posted May 19, 2015 by
CalPERS
Retirees
Retirement
WASHINGTON (AP) — The Supreme Court ruled unanimously Monday in favor of participants in employee retirement plans who object to companies' investment decisions that eat into retirement savings.
The justices revived claims by current and former employees of energy company Edison International. The employees argued that the company chose mutual funds with excessive fees.
[Read More...]
Posted May 15, 2015 by
CalPERS
General News
Legislation
State Economy
On Thursday, Gov. Jerry Brown (D) released the revised version of his fiscal year 2015-2016 budget plan, which includes several health care proposals, the Los Angeles Times reports.
The revised $169 billion budget is more than $4 billion larger than the original proposal unveiled in January (Megerian, Los Angeles Times, 5/14). The revised plan would increase health and social services spending by about $1.7 billion (Richman, San Jose Mercury News, 5/14).
[Read More...]
Posted May 15, 2015 by
CalPERS
Retirees
Retirement
Henry Jones has been declared the unofficial winner in the 2015 election of the retired member representative seat on the California Public Employees' Retirement System (CalPERS) Board of Administration. There was no opposition to Jones' re-election and pending certification of the election by California's Secretary of State, he will begin a new four-year term of service on the Board on January 16, 2016.
"I'm honored to serve another term and represent our retirees," said Jones, CalPERS Vice President. "I look forward to continuing to work in my leadership role alongside my colleagues on the Board to ensure the long-term sustainability of the pension fund and our health care program."
[Read More...]
Posted May 13, 2015 by
CalPERS
Retirees
Retirement
Some pension program changes, such as the shift to defined contribution plans from defined benefit plans, might be widening the income gap and dampening economic growth, said a new report from the National Conference on Public Employee Retirement Systems.
There are conversations about income and equality, but few touch on the treatment of pensioners and how that contributes to income inequality, said Hank Kim, Washington-based, executive director and counsel at NCPERS and co-author of the report.
In the private sector, there has been a shift to DC plans from DB plans. Between 1975 and 2011, the number of private sector DB plans declined by 57% and the number of employees covered by DB plans declined 10%, NCPERS’ research found.
[Read More...]
Posted May 13, 2015 by
CalPERS
Retirees
Politics
Retirement
Government pensions in California have withstood another fierce challenge in bankruptcy court.
A bankruptcy judge has dismissed a lawsuit filed by two disgruntled bond creditors challenging the city of San Bernardino’s decision to make its pension payments in full to CalPERS.
Ruling from Riverside, U.S. Bankruptcy Judge Meredith Jury tossed the claim filed by the two creditors, Ambac Assurance Corp. and a Luxembourg bank named EEPK.
Last fall the city, which filed for bankruptcy protection in 2012, said it would pay its $24 million-a-year CalPERS bill in full. Ambac and EEPK said that arrangement was unfair to other creditors. Although San Bernardino hasn’t filed its complete repayment plan, it’s likely that many creditors would stand to receive only a portion of what they’re owed.
[Read More...]
Posted May 12, 2015 by
CalPERS
Health Care
LOS ANGELES (Reuters) - The southern California city of San Bernardino has proposed virtually eliminating retiree health insurance costs under a bankruptcy exit plan it must produce by May 31, according to an attorney involved in negotiations with city officials.
[Read More...]
Posted May 01, 2015 by
CalPERS
Retirees
Health Care
Retirement
Long-Term Care Reform Package Making Its Way Through Legislature
California legislators are considering a package of 24 bills this session collectively aimed at improving the state's support network for aging services and long-term care.
The bills -- 12 in the Assembly and 12 in the Senate -- deal with a variety of issues involving some of the 112 separate programs for aging and long-term care overseen by 20 different agencies and departments in the state and county governments.
[Read More...]