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Welcome

The oncoming wave of public pension debt is even bigger than it seems. The purpose of this website is to provide an overview of the multiple pension crises that are about to drown America's taxpayers. Our primary focus is on California, but we also track other state pension funds, corporate pensions, multi-employer pension funds, social security and international trends. Now finishing its 17th year, PensionTsunami was founded by and is edited by Jack Dean. (Contact: JackDean-at-PensionTsunami-dot-com or @PensionTsunami)

Latest Newsclips     last updated May 14 12:39pm PST

Each day's headline summary is e-mailed to subscribers.

May 14, 2021

• Providence Mayor Elorza Seeks $704-Million Bond for Unfunded Pension Liability (Amy Russo / Providence Journal)
• The Latest Pension News -- Updated Regularly (blog - Mary Pat Campbell / Actuarial News)
• California Pension-Related News -- Updated Regularly (Citizens for Sustainable Pension Plans)
• LOOK UP Pension Amounts for Retired California State and Local Public Employees (database - Transparent California)

May 13, 2021

• California’s 944 School Districts: Strong Balance Sheets or Drowning in Debt? (John Moorlach / California Globe)
• F.B.I. Asking Questions After a Pension Fund Aimed High and Fell Short (Mary Williams Walsh / New York Times)
• County of Sonoma Provides Retirement System Annual Review (press release - Sonoma County)

May 12, 2021

• Cities Grapple With Stemming Pension Tide (David C.L. Bauer / Journal-Courier)
• Public Pensions Won’t Earn as Much From Investments in the Future. Here’s Why That Matters (Andrea Riquier / MarketWatch)
• To Pay $79 Million Owed to Retirement Fund, Montclair Turns to Pension Bonds (Steve Scauzillo / Daily Bulletin)
• The Wolf at San Jose's Door (David Crane / Medium)

May 11, 2021

• Rubbing Out Central States Debt (blog - John Bury / Burypensions)

May 10, 2021

• Costa Mesa Uses Federal Aid to End Worker Furloughs, Restore Missed Pay (Alicia Robinson / Orange County Register)

May 4, 2021

• Pending Bill Opens Door to Pension Corruption at CalPERS (Dan Walters / CALmatters)
• Pension Obligation Bonds a Bad Idea (letter - Dave Howell / Chico Enterprise-Record)

May 3, 2021

• Pension Plans Heading the Way of the Dodo: What’s Your Plan B? (Peter Reagan / WBAP Radio)
• Your Pension Board Thinks It’s Smarter Than Warren Buffett -- It’s Not (Edward Siedle / Forbes)

April 28, 2021

• It's Time to Rein in the Public Employee Unions (op-ed - James D. Veltmeyer, MD / Trinity Journal)$

April 26, 2021

• Apparently, No One Actually Wants Public Workers to Understand PERS (op-ed - Michael Schaus / Nevada Independent)

April 23, 2021

• Masks for Children, Muzzles for Covid-19 News (op-ed - Jay Bhattacharya / Wall Street Journal)$

April 21, 2021

• Lockdown Watch: A Zero-Risk Society Is Not a Reasonable Policy Proposal (Michael Schaus / Nevada Policy Research Institute)

April 6, 2021

• LOL: Study Suggests There Is No Imminent Public Pension Crisis (Michael Katz / Chief Investment Officer)
• Multiemployer Pensions: Will the Recent Bailout Destroy Pensions (in the Long Run)? (blog - Mary Pat Campbell / STUMP)

April 1, 2021

• Rethinking Public Employee Retirement Plans (video - Bryan Snyder / Broadcast Retirement Network)
• CalPERS’ Broken Promises Mislead and Shortchange California State Worker Retirees (editorial - Sacramento Bee)
• Rising Costs of CalSTRS Debt Takes Money From Students, Classrooms (op-ed - Leonard Gilroy & Zachary Christensen / Orange County Register)
• Pension Reform Newsletter - Published Monthly (Alix Ollivier / Reason Foundation)

March 31, 2021

• Vermont Breaks the Bailout Code: It Now Has a Surplus It Wants to Use for Public Employee Pensions. (editorial - Wall Street Journal)

March 30, 2021

• COVID Stimulus Won’t Cure the Public Pension Pandemic (op-ed - Daniel J. Smith & Eileen Norcross / Fredericksburg Free Lance-Star)
• LA's Two Top-Earning Beach Lifeguards Made $400,000 in 2019 -- and 82 Others Made at Least $200,000 (Valerie Edwards / Daily Mail)

March 29, 2021

• Vermont State Employees, in Public Hearing, Call Pension Reform Proposal a 'Betrayal' (Greg Sukiennik / Bennington Banner)
• The Pension Bailout Hidden Within the COVID Relief Bill (op-ed - Peter Roff / The Sentinal)
• Breaking News: Another MPRA Filing to Cut Benefits (blog - John Bury / Burypensions)
• Retired Ohio Teamsters Take Victory Lap After Pension Fix Is Included in American Rescue Plan (Sabrina Eaton / Plain Dealer)

March 26, 2021

• California Is Still in Debt (column - Jon Mays / San Mateo Daily Journal)
• Gov. Newsom and Legislators Have Lots of Money to Spend, Few Strings Attached (Ben Christopher / CALmatters)
• Vermont Lawmakers Pitch Plan to Shore Up Pension Funds (Calvin Cutler / WCAX-TV)
• The Multiemployer Pension Bailout Is Huge. But Here Are the Retirees Still Waiting for Theirs (Elizabeth Bauer / Forbes)
• Washington Baits a Financial Trap for States (op-ed - David Guenthner / The Hill)

March 24, 2021

• Stimulus Wrongly Bails Out Multiemployer Pension Funds (editorial - Orange County Register)
• Money -- But No Fixes -- for Multiemployer Plans (editorial - Pensions & Investments)
• Secret CalPERS Meeting on CIO Meng’s Exit Sparks Legal Fight (Bloomberg News)
• CalPERS Board Member Theresa Taylor Outs That a Staff Member Has Committed Fraud; When Will Giant Pension Come Clean? (Yves Smith / Naked Capitalism)
• CIOs Assess How Pension Fund Investors Can Be Successful After COVID-19 (Sarah Min / Chief Investment Officer)

March 23, 2021

• Monterey Peninsula Cities Reeling From Employee Pension Debt (Dennis L. Taylor / Monterey Herald)
• State Supreme Court Refuses to Hear Case Involving Sonoma County Pension Hikes (Will Schmitt / Press Democrat)
• 'Bad Taste.’ CalPERS Board Regrets Pension Mistakes, But Votes to Deny Retiree Appeals (column - Andrew Sheeler / Sacramento Bee)

March 22, 2021

• Omaha Police Chief to Retire Within Next 5 Years, Will Get Pension of Nearly $15,000 Per Month (Alia Conley / World-Herald)
• State Audit Blames El Cerrito’s Financial Mismanagement for Pushing City Near Bankruptcy (Shomik Mukherjee / East Bay Times)
• She Gave Up a CalPERS Disability Pension to Go Back to Work. Now She Wants It Back (column - Andrew Sheeler / Sacramento Bee)
• CalPERS Search for CIO Comes Up Empty (Preeti Singh / Wall Street Journal)$$
• Huntington Beach Joins Wave of California Pension Bond Sales (Anastasia Bergeron / Bloomberg News)
• Explaining Dangers of Pension Obligation Bond (letter - Juanita Sumner / Chico Enterprise-Record)
• Lawmakers Look to Claw Back Felons’ Pensions (Sophie Cocke / Honolulu Star-Advertiser)$$
• Rethinking Public Employee Retirement Plans (Richard Hiller & Rod Crane / Reason)

March 18, 2021

• Thank Your Kids for Your COVID Handout -- They’ll Be Paying the Price for Years (op-ed - Jacob Sullum / New York Post)
• Democrats’ COVID-19 Relief Plan Penalizes Responsible States Like Idaho (op-ed - Gov. Brad Little / Idaho Mountain Express)

March 17, 2021

• Stop Bill Forcing Public to Support Government Union Bargaining (editorial - Orange County Register)

March 16, 2021

• Can Fiscal Alchemy Bolster Public Pension Funds? (column - Girard Miller / Governing)
• COVID Rescue Package Gives Failing Pension Plans an $86 Billion Bailout, Stirring Hope and Criticisms (Matt Stout / Boston Globe)
• CalPERS Told Her She’d Earn $60,000 a Year in Retirement. Her Pension Isn’t Even Close to That (column - Andrew Sheeler / Sacramento Bee)

March 15, 2021

• Pension Cuts for California Public Employee Felons Upheld (Daniel Borenstein / San Jose Mercury News)
• David Crane: California Man on a Mission (Larry Greenfield / Jewish Journal)

March 12, 2021

• Ex-CalPERS Board Member Sues Pension Fund, Demands Records Following Investment Chief’s Exit (column - Wes Venteicher / Sacramento Bee)
• Los Angeles Controller Launches Updated Payroll Explorer for Greater Insight Into City Salaries (press release - City of Los Angeles)

March 11, 2021

• Police Unions Won Power Using His Playbook. Now He’s Negotiating the Backlash. (Michael H. Keller & Kim Barker / New York Times)

March 9, 2021

• Rescue Package Includes $86 Billion Bailout for Failing Pension Funds (Mary Williams Walsh & Alan Rappeport / New York Times)
• MoneyPalooza Monstrosity: It Passed! More on the Multiemployer Pension Bailout (blog - Mary Pat Campbell / STUMP)
• GOP Targets California’s Underfunded Pensions in Effort to Sink Biden’s COVID Stimulus Plan (David Lightman / Sacramento Bee)
• Union Bill Uses COVID to Offer Tax-Free Pensions to California Public Employees (editorial - Orange County Register)
• Congress Undermines More Retirement Plans With Union Pension Rules (Aharon Friedman / Washington Examiner)
• Democrats Defend $86 Billion Bailout for Union Pensions in COVID Relief Bill (Stephen Loiaconi / Fox11)
• The Hopeful News for Social Security Buried in the $1.9 Trillion Bailout (Brett Arends / MarketWatch)

March 8, 2021

• Rising Costs of CalSTRS Debt Takes Money From Students, Classrooms (op-ed - Leonard Gilroy & Zachary Christensen / Orange County Register)
• Now That Multiemployer Plans Have Their Blank Check, What Can These Others Expect -- or Demand? (blog - John Bury / Burypensions)
• Moody's Report: Illinois’ Pension Debt Tops $300 Billion, Highest of Any State (Peter Hancock / The Telegraph)

March 5, 2021

• Moneypalooza Monstrosity -- the Return: Multiemployer Bailout Will This Encourage a Public Pension Bailout? (blog - Mary Pat Campbell / STUMP)

March 4, 2021

• Who Should Pay for Pension Mistakes? California Legislature Could Make a Change (column - Wes Venteicher / Sacramento Bee)
• Multiemployer Pension Reform Ruled Eligible For The COVID Relief Act (Seyfarth Shaw LLP / JD Supra)

March 3, 2021

• Prelude to a State Pension Bailout (op-ed - Andrew G. Biggs / Wall Street Journal)
• CalPERS $100,000 Pension Club Is Up 173% Since 2012, New Data Show (Robert Fellner / Transparent California)

March 2, 2021

• CalSTRS Aims for New $2 Billion Sustainable Portfolio (Randy Diamond / Chief Investment Officer)

March 1, 2021

• California’s Pension Woes Are Made Worse by Moving Emergency Services in House (Ike Brannon / Forbes)
• BART Faces 'Crisis Without Precedent': $1 Billion in Lost Revenue With Few Daily Commuters (Mallory Moench / Mass Transit)
• Pension Reform Newsletter - Published Monthly (Reason Foundation)

February 26, 2021

• After 225-Day Delay, South Pasadena Produces Records Within 24 Hours of Being Sued (Robert Fellner / Transparent California)
• South Pasadena Sued for Failing to Release Employee Pay Records for 225 Days (Jason Henry / Pasadena Star News)

February 25, 2021

• Covid-19 Relief Bill Could Rescue Union Retirees' Pensions (Emily Brill / Law360)
• Public Records Lawsuit Against CalPERS Over Disability Pensions Headed to the California Supreme Court (Robert Fellner / Transparent California)
• California Public Employees Disabled by Covid-19 Could Get Tax-Free Pensions Under Proposal (column - Wes Venteicher / San Luis Obispo Tribune)

February 24, 2021

• Cop Collected $600,000 in Disability Pension for a Broken Finger. CalPERS Wants Some Back (column - Wes Venteicher / Sacramento Bee)
• State Employee Retirements at CalPERS Jump 15% in 2020 (Sarah Min / Chief Investment Officer)

February 23, 2021

• Pennsylvania Treasurer Joe Torsella Tried to Reform the State’s Biggest Pension Funds. Then He Lost His Job. (Joseph N. DiStefano / Inquirer)
• Senate Bill Would End Florida’s Defined Benefit Pension Option for New Employees ( Jim Saunders / Tampa Bay Times)
• 'Pension Spiking' Approved for Hinsdale, Illinois Teachers Under New Pact (David Giuliani / Patch)
• Taking Account of State-Run Retirement Plans (John Iekel / ASPAA)

February 22, 2021

• Underfunded and Under Pressure, US Pensions to Keep Investing in China (Heather Gillers / Wall Street Journal)
• Special Report: Every State's Pension Crisis Ranked (Grant Suneson / 24/7 Wall St)
• Marin Pension Board Approves Contribution Rate Increases (Richard Halstead / Marin Independent Journal)

February 19, 2021

• Covid Relief Bill Could Bail Out Distressed Union Pensions (nwLaborPress.org)

February 17, 2021

• California’s Bureaucracies Fail to Submit Timely Financial Data (Edward Ring / California Globe)

February 15, 2021

• Why an Orange County Police Union Is Smearing John Moorlach (op-ed - Will Swaim / Orange County Register)
• Illinois Taxpayers Paying Former Lawmakers $2.1 Million a Month From Underfunded Pension System (Greg Bishop / The Center Square)

February 12, 2021

• Riverside County’s Pension Debt Now $3.6 Billion (Jeff Horseman / Press-Enterprise)

February 11, 2021

• There Are Trillions of Reasons to Slam Democrats’ Spending Bill (op-ed - Stephen Moore / Boston Herald)

February 10, 2021

• Public Pension Plans’ Funded Ratios Have Been Declining for Years (Jordan Campbell / Reason Foundation)
• John Moorlach’s Leadership Needed to Guide Orange County Through the Pandemic (op-ed - Jeffrey Barke / Orange County Register)
• Report: Riverside County’s Pension Liabilities High, But Gap Gradually Closing (Desert Sun)
• Court Ruling on San Diego’s Public Pensions Demonstrates the Importance of Stakeholder Collaboration in Pension Reform (Alix Ollivier / Reason)
• The Covid Spend-O-Rama’s Multiemployer Pension Bailouts: Some Disappointed First Impressions (Elizabeth Bauer / Forbes)
• Multiemployer Plan Bailout Caps Benefit Plan Limits (Ted Godbout & Nevin E. Adams / ASPPA)
• Long Bonds Won’t Help Underfunded Pension Plans (letter - Michael Stutzer / Wall Street Journal)

February 9, 2021

• How the Police Bank Millions Through Their Union Contracts (Andrew Ford, Agnes Chang, Jeff Kao and Agnel Philip / ProPublica)
• Police Reformers' Next Step: A Hard Look at Union Contracts (Daniel DiSalvo / Manhattan Institute)
• Biden’s Relief Bill Shovels Hundreds of Billions From Taxpayers to Blue States (Jon Dougherty / BizPacReview)
• Note to Congress: Stop Doling Out Money to California Until It Makes Full Use of the Federal Funds Already Available (David Crane / City Journal)
• DOL Drops Support for CalSavers Suit (Nevin E. Adams / ASPPA)

February 8, 2021

• Report: Most Big Cities Were in Bad Fiscal Shape Before the Pandemic. Expect It to Get Worse (Teri Sforza / Orange County Register)
• We Need John Moorlach to Save Orange County, Again (op-ed - Fred Whitaker / Orange County Register)
• Reject the Cynical Smear Campaign Against John Moorlach (editorial - Orange County Register)
• Litigation to Open Up the Pension Books (editorial - Orange County Register)
• Fresno-Area City Sued for Public Records Violation (Robert Fellner / Transparent California)
• Chicago Firefighter Pension Sweetener Would Cost Taxpayers $850 Million by 2055. Will the Governor Sign It? (editorial - Chicago Tribune)

February 5, 2021

• Gamestop Follies: Hedge Funds, wallstreetbets, and Public Pensions (blog - Mary Pat Campbell / STUMP)
• NEW REPORT: Financial State of the Cities 2021 (Truth in Accounting)

February 4, 2021

• FLASHBACK: California’s Immense Pension Dilemma (column - Dan Walters / CALmatters)

February 3, 2021

• No Pension News Today Worth Posting

February 2, 2021

• California State Worker Pay Database Updated With 2020 Wages, Overtime (column - Phillip Reese & Wes Venteicher / Sacramento Bee)
• Pension Bonds Will Remain in Vogue as Rates Stay Low, Experts Predict (Richard Williamson / The Bond Buyer)
• If You Want to Know What Worries Conservatives, Look at California. (op-ed - Bret Stephens / New York Times)

February 1, 2021

• California Cities Are Facing Long-Term Fiscal Challenges (editorial - Orange County Register)
• Public Pension Timebomb, Explained (video - Former Mayor of Costa Mesa Jim Righeimer / The Epoch Times)
• Excess Mortality in California, Texas, and Florida by Race/Ethnicity (blog - Mary Pat Campbell / STUMP)

January 29, 2021

• Marin Pension Changes Are Painful But Necessary (editorial - Marin Independent Journal)
• Corte Madera Plan for Pension Obligation Bonds Gambles Taxpayer Money (letter - Ken Broad / Marin Independent Journal)
• Market Madness Puts Pension Funds in a Risky Bind (Mark Gilbert / Bloomberg)
• Another Urgent Item for Biden’s To-Do List: The Looming Social Security Funding Crisis (Michelle Singletary / Washington Post)
• Monthly Social Security Checks Would Be $380 Higher if COLAs Reflected Reality for Seniors (Robin Hartill / Waco Tribune-Herald)
• Oroville Considers Contracting Cal Fire for Protection, CalPERS Savings Plays Key Role (Jerry Olenyn / KRCR-TV)

January 28, 2021

• The Emergency Pension Plan Relief Act Proposes a Bailout of Struggling Multiemployer Pension Plans (Sarah Bryan Fask & Lawrence Levien / JD Supra)
• Explainer: Why Trump's Post-Presidency Perks, Like a Pension and Office, Are Safe for the Rest of His Life (Jan Wolfe / Reuters)
• Whittier Is Considering a $143 Million Bond, Trying to Stabilize Ongoing Pension Costs (Mike Sprague / Whittier Daily News)

January 27, 2021

• How California's Unfunded Pension Liabilities Could Lead to Bankruptcy (video - Sen. John Moorlach / Epoch Times)
• Rep. Neal Introduces DB Plan Relief Bill (Rebecca Moore / PlanSponsor)

January 26, 2021

• Your Editor Took a Sick Day

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