John Seiler: As we've been warning here on CalWatchDog.com for more than two years now, CalPERS' funding is way too low. I've written before how CalPERS might only be funded at the 55 percent level. It turns out that even that is too optimistic. The new level might be just 40 percent, accordin...
Pension ReformCalPERS Funding Might Be Only 40 Percent FundedThursday, March 22nd, 2012Forget About Pension ReformTuesday, February 28th, 2012Steven Greenhut: Sen. Mimi Walters' statement today speaks volumes about the chances for pension reform in California these days: “I am deeply disappointed that the Pension Conference Committee today ended public hearings without debate, discussion and a vote on the Governor’s pension reform la... Kamala Harris’ TotalitarianismMonday, February 13th, 2012 Steven Greenhut: California Attorney General Kamala Harris and her union allies no doubt have amused themselves at the way they destroyed a proposed pension reform initiative by giving it a false and unfair title, but what Harris did is one of the most despicable acts I've seen in government in a wh... Union Ally Denies Pension Crisis!Friday, February 10th, 2012Steven Greenhut: Here's the dog-bites-man story of the day: Steve Maviglio claims that the pension crisis isn't real, apparently something manufactured by greedy private-sector workers who don't understand why they need to work until they are 90 to pay for the six-figure retirements of California go... CalSTRS Drops Fund ProjectionsFriday, February 3rd, 2012 John Seiler: Putting its investment projections slightly more in line with reality, yesterday CalSTRS downgraded its fund forecast. According to its own announcement, "The governing board of the California State Teachers' Retirement System (CalSTRS) today adopted a new set of actuarial assumption... Providence Could Cut PensionsThursday, February 2nd, 2012John Seiler: I've been arguing for a couple of years that the pension problem in California is so bad that the state will have to cut existing pensions. Is that supposedly banned by the California Constitution? It doesn't matter. Constitutions can be changed. Actuarial realities cannot. Such ... Berkeley Mgr. Grabs $266K PensionMonday, January 9th, 2012 John Seiler: Say, wasn't Berkeley the most liberal, progressive, hippest and hippiest place around? The Free Speech movement (pictured at right)? Anti-Vietnam War protests? Political Correctness that would make Mao envious? Ah, forget it. As it always does, it comes down to money -- money grab... Dems won’t tolerate pension dissentSaturday, December 31st, 2011Steven Greenhut: California's bare-knuckled public-sector unions won't tolerate dissent on pension-related issues, as evidenced by the state Senate's refusal to allow Progressive pension-reform advocate David Crane to remain on the UC board of regents. This is from the San Francisco Chronicle: "Cran... Out of the Mouths of CalSTRSTuesday, December 27th, 2011Steven Greenhut: California's pension systems are running enormous unfunded liabilities -- i.e., the estimated debt to pay for current pension promises. But the pension funds want us to believe that there's no problem and that there's no need for additional contributions. Higher contributions from g... CalPERS is Wall Street!Wednesday, November 23rd, 2011Steven Greenhut: If you're looking for interesting perspectives on California news, check out this relatively new Web site, called the Republic of Costa Mesa. It is run by CalWatchdog advisory board member and former OC Weekly publisher Will Swaim. Swaim is a lefty who dares to slaughter his side's ... |