In their most recent actuarial reports CalPERS for the first time provided pension cost estimates for the next 8 years, from 2015 to 2023. How high are these costs going for California’s cities who retroactively increased their pensions at CalPERS urging over the past 15 years? To answer that question I looked at the largest […]
About Ken Churchill
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Entries by Ken Churchill
On August 17, 2016 the First Appellate District Court ruled on the lawsuit brought by the Marin Association of Public Employees against the Marin County Employees’ Retirement Association (MCERA) and State of California. The case was brought after MCERA eliminated pay items considered pensionable following the States enactment of the California Public Employees’ Pension Reform […]
During the Stockton bankruptcy Judge Klein called CalPERS the “bully with a glass jaw.” Klein meant that CalPERS, as a servicing company, has no standing in the bankruptcy because the pension obligation is between the public agency and their employees and retirees.
On January 27th, 2015 Kern County declared a fiscal emergency citing lower tax revenues from oil producers and growing unfunded pension liabilities as the cause. A review of their pension costs and growth of their unfunded liabilities over the past decade indicates the word “growing” is an understatement. A more accurate term would be “soaring”. […]
Summary: Using officially reported figures from the most recent financial statements available, this report calculates the total unfunded employee retirement liabilities for the 20 California counties with their own independent retirement systems. This study is the first of its kind to compile for these counties not only reported pension fund assets and liabilities, but also retirement […]
INTRODUCTION New Sonoma, a volunteer organization of financial experts and citizens concerned about the finances and governance of the County has just completed an extensive study of the County’s pension crisis. In addition to describing how the County has incurred over a billion dollars in unfunded pension and retiree health care liabilities, how the County […]
In 2002, the Sonoma County Board of Supervisors agreed to essentially increase pension benefits by 50% back to the date people were hired. However, County records show that the deal cut between the employees and the Supervisors stated that General employees would pay for the entire cost of the increase and Safety employees would pay […]
We should all care deeply about pension costs and the 400% increase in the costs over the past decade in Sonoma County. Why? Because every dollar going to over generous, retroactively enhanced pensions is taxpayer money that is not creating jobs, helping our fellow citizens, educating our children, or maintaining our roads and parks. Most […]