IT’S OFFICIAL: CITY OF STOCKTON IS BANKRUPT
US Bankruptcy Judge Christopher Klein issued a ruling on April 1, 2013 that the City of Stockton was eligible for Chapter 9 Bankruptcy proceedings. Judge Klein’s ruling comes after a 3 day trial where certain creditors of the City, particularly Wall Street companies that either bought Stockton’s bonds or insured ...Read More
HEALTH OF PUBLIC PENSION SYSTEMS TIED TO CALIFORNIA’S MOUNTAIN OF DEBT
How does it feel knowing that your pension is tied to the success or failure of the high-speed rail project? Both the short and long term health and viability of California’s State and Local Pension Funds are tied directly to how California deals with its other massive debt obligations. It ...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
CalPERS increases the cost of terminating participation for employers
The CalPERS, Terminated Agency Pool lacks the ability to get more money from employers and taxpayers if investments expected to fund roughly 67% of pension costs fall short. That coupled with the increased number of agencies exploring the idea of terminating their participation in CalPERS lead the Board of Directors ...Read More