CONGRESS HALTS FAA’S FURLOUGH ABUSE
Congress overwhelming decided to reverse the Federal Aviation Administration’s sequester furloughs with a veto proof majority in response to the FAA’s furlough of all employees as the result of the Federal sequesters spending cuts. The automatic spending sequester cuts resulted in a 4% reduction in the FAA’s budget. In response, ...Read More
TEACHERS’ PENSION FUND BILLIONS SHORT
The biggest pension fund for California teachers, CalSTRS, is experiencing a massive funding gap and the California Governmental Accounting Standards Board (GASB) is proposing new accounting rules for calculating the fund’s liabilities that will make those numbers even worse. CalSTRS currently has a funding gap of 56 billion dollars–the difference ...Read More
CalSTRS Response To Governor Brown’s Pension Reform
CalSTRS Response: http://www.calstrs.com/Newsroom/whats_new/pension_reform_response.aspx CalSTRS appreciates that Governor Brown has taken a very important step in addressing the critical and complex issues facing the state’s public pension systems. We look forward to receiving more detail on the proposal and having the opportunity to review it in depth. The most important reform ...Read More
Governor Browns Pension Reform Plan Proposes Big Changes
Governor Brown’s 12 point pension reform plan that was released today outlines big changes to current and future public employees, including California state employees as well as employees of local governments, schools and special districts. The Governor’s plan, while probably outraging institutional Unions, probably does not go far enough for ...Read More
Main Points of Governor Brown’s Pension Reform Plan
Main Points of Governor Brown’s Pension Reform Plan 1. Equal Sharing of Pension Costs: All Employees and Employers 2. “Hybrid” Risk-Sharing Pension Plan: New Employees 3. Increase Retirement Ages: New Employees 4. Require Three-Year Final Compensation to Stop Spiking: New Employees 5. Calculate Benefits Based on Regular, Recurring Pay to ...Read More