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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, milti-employer pension funds, social security and international trends. Now finishing its 16th year, PensionTsunami was founded by and is edited by Jack Dean. (Contact: JackDean-at-PensionTsunami-dot-com or 916-644-0688 or @PensionTsunami)

Latest Newsclips     last updated January 25 12:42pm PST

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

January 25, 2021

• As of 4:40 AM (Pacific Time):
• Marin County Pension Fund Mandates Higher Contributions (Richard Halstead / Marin Independent Journal)

January 22, 2021

• San Diego Plans Budget Cuts as Deficit Estimate Doubles (David Garrick / San Diego Union-Tribune)
• Emergency Pension Plan Relief Act (EPPRA) of 2021 Introduced (blog - John Bury / Burypensions)
• US Corporate Pensions Get Hit in 2020? (blog - Leo Kolivakis / Pension Pulse)

January 21, 2021

• Neal Targets Broad Retirement Security Agenda in 117th Congress (Brian Croce / Pensions & Investments)

January 20, 2021

• Chico's Demands Are Overtaking Needs of the City (letter - Juanita Sumner / Chico Enterprise-Record)
• CalPERS' Former CIO on Saving America’s Public Pensions (blog - Leo Kolivakis / Pension Pulse)
• The Story Behind Illinois’ Latest Public Pension Liability Boost, and Why It’s So Very Illinois (Elizabeth Bauer / Forbes)

January 19, 2021

• 'Painful’ Cuts Proposed in Pensions for Vermont's Teachers, State Employees (Lola Duffort / VT Digger)
• San Diego’s Pension Payment Spiking $50 Million, Worsening Budget Crisis During Pandemic (David Garrick / San Diego Union-Tribune)

January 15, 2021

• How Pandemic-Driven Revenue Shortfalls Could Affect State Pension Contributions ( David Draine & Stephanie Connolly / Pew Trusts)
• New Haven Police Chief 'Retires' at 49 to a Pension Bonanza (column - Chris Powell / Journal Inquirer)

January 14, 2021

• Public Pension Roundup: Bailing Out Pensions, the Return of Pension Envy, Kentucky Lawsuit, and More (blog - Mary Pat Campbell / STUMP)

January 13, 2021

• California’s General Fund Relies on the Super Rich and Federal Bailouts ( Edward Ring / California Globe)
• San Diego City Leaders Warn Departments: Start Looking for Cuts (Lisa Halverstadt / Voice of San Diego)
• Restoring Pensions From 401(k) Plans Could Cost San Diego Millions (Michael Katz / Chief Investment Officer)

January 12, 2021

• Fact Check: Trump Would NOT Lose Lifetime Benefits If Impeached -- He'd Also Have To Be Convicted And Removed (Dana Ford / lead stories)
• Illinois Senate Passes Firefighter Pension Bill Over Mayor’s Strenuous Objections (Fran Spielman / Chicago Sun-Times)

January 11, 2021

• Pay Cuts for California State Workers Could Be Lifted by July Under Newsom Proposal (column - Wes Venteicher / Sacramento Bee)
• Chico Council Considering Final Options for Paying $140 Million CalPERS Pension Debt (Natalie Hanson / Oroville Mercury-Register)
• Lemon Grove Once Again Facing Bitter Choices Over Its Future (Bella Ross / Voice of San Diego
• San Diego Pension Reformers Should Give Up on Prop. B but Not Pension Reform (editorial - San Diego Union-Tribune)
• With Legal Fights Over Pension Reform (Maybe) Over, a New Ordeal Begins (Scott Lewis / Voice of San Diego)
• Big Tech Censorship Suppresses the Reopen California Movement (Edward Ring / California Globe)
• Musicians Union’s Pension Fund Again Seeks OK From Treasury Dept. to Cut Benefits to Prevent Insolvency Within 20 Years (David Robb / Deadline)

January 8, 2021

• Carl DeMaio Slams Judge for Overturning Voter Approved Prop B, Pension Cut Measure (KUSI Newsroom)
• Biden Taps Rhode Island Gov. Gina Raimondo for Commerce Secretary (Hans Nichols / Axios)
• Roughly 1 in 4 Younger Americans Believe Social Security Won’t Be Available When They Retire (Megan Leonhardt / CNBC)
• 2020’s Bull Market Leads to More Federal Employee Millionaires (Ian Smith / Fed Smith)
• Vaccine Rally Saves Dutch Pension Funds From Having to Cut Pensions (Tjibbe Hoekstra / I&PE)

January 7, 2021

• San Diego Labor Unions One Step Closer to Invalidating the 2012 Prop B, Pension Cut Measure (KUSI Newsroom)

January 6, 2021

• Judge Rules Prop. B Illegal in Lawsuit Seeking to Invalidate 2012 Pension-Cut Measure (Alex Riggins / San Diego Union-Tribune)
• STORY UPDATE: Former Carson Mayor Could Add Millions to His Pension if Water District Hires Him to 6-Month Job (Jason Henry / Daily Breeze)
• Social Security, Medicare Face Urgent Challenges in 2021 (Ginger Szala / BenefitsPro)
• When Education Reform Is a Fiscal Windfall (Lewis M. Andrews / Real Clear Policy)

January 4, 2021

• Los Angeles Seeks $3.9 Billion Coronavirus Bailout Despite Increased Spending and Debt: Report (Bethany Blankley / Washington Examiner)
• A Look at Innovative Ways Public Pensions Approach Funding (Lee Barney / PlanSponsor)
• Public Pension Plans Must Adopt Rules for Long-Term Sustainability (op-ed - Bob Bunnell / Marin Independent Journal)
• Real Money (George Korda / Cityview)

December 23, 2020

• Merry Christmas!

December 22, 2020

• 7 State and Local Fiscal Lessons From a Year Like No Other (column - Girard Miller / Governing)
• US Urged to Adopt Auto-Enrolment to Address Private Sector Pensions Crisis (Chris Flood / Financial Times)

December 21, 2020

• Who Checks the Fact-Checkers? (column - Jon Coupal / Orange County Register)
• Ending California's Love Affair With Public Safety Unions (David Crane / Medium)

December 18, 2020

• California Unions, Cities Square Off Over Raises, Layoffs (Emily Hoeven / CALmatters)
• Providence, Rhode Island's Pension Fund Could Bankrupt the City (Edward Siedle / Forbes)
• CalPERS and the Climate Action 100+ 2020 Progress Report (blog - Leo Kolivakis / Pension Pulse)

December 17, 2020

• Former Carson Mayor Could Add Millions to His Pension if Water District Hires Him to 6-Month Job (Jason Henry / Daily Breeze)
• Retirement Warning Signs? Pension Crisis Hits States. Here's the Biggest, Smallest Funding Shortfalls (Grant Suneson / USA Today)
• Social Security Advocates Push for 3% COLA in 2021 (Melanie Waddell / BenefitsPro)

December 16, 2020

• Budget Toll From Virus Hits Both Democratic, GOP-Led States (Geoff Mulvihill / Associated Press)

December 15, 2020

• Your Editor Took a Sick Day

December 14, 2020

• Senate Talks Multiemployer Crisis, Expanding Retirement Coverage ( Brian Croce / Pensions & Investments)

December 11, 2020

• State Comptroller Tom DiNapoli Just Put the New York Pension Fund on the Road to Ruin (column - Bob McManus / New York Post)

December 10, 2020

• The Consequences of Long-Term State Pension Underperformance (Larry Swedroe / Advisor Perspectives)

December 9, 2020

• Covid-19 Pandemic Puts Squeeze on Pension Plans (Heather Gillers / Wall Street Journal)
• US Public Pensions’ Funded Ratio Declines More Than 2% in 2020 (Michael Katz / Chief Investment Officer)
• Best and Worst Run States in America: A Survey of All 50 (Samuel Stebbins, Grant Suneson & Michael B. Sauter / 24/7 Wall St)

December 8, 2020

• Prison Guard Pension Reform in California (David Crane / Medium)

December 7, 2020

• CalSTRS Plans Green Shift After Joe Biden’s Victory (Josephine Cumbo & Chris Flood / Financial Times)
• Federal Workers Are Forced to Invest in Fossil Fuels. A New Bill Would End That. (Leanna First-Arai / Truthout)
• SPECIAL REPORT: Every State's Pension Crisis Ranked (Grant Suneson / 24/7 Wall St)
• Union Pension Funding Crisis Solution Remains Elusive (John Manganaro / PlanSponsor)
• California's Cities Need Flexibility to Contain Skyrocketing Pension Costs (op-ed - Will Swaim / Orange County Register)

December 4, 2020

• Transparent California Urges Appeals Court to Lift Secrecy on Disability Pensions for Government Workers (Teri Sforza / Orange County Register)
• California Courts Need to Do Their Job (Robert Fellner / Transparent California)
• Auburn, California Considers Pension Bond to Fight CalPERS Investment Instability (Traci Newell / Auburn Journal)
• Pension Obligation Bonds (POBs) Do NOT Reduce Pension Obligations (David Crane / Medium)
• West Covina at Risk of Bankruptcy, California State Auditor Warns (Jason Henry / Whittier Daily News)
• Illinois Is Ground Zero for the Public-Sector Pension Crisis (Adam Schuster / National Review)
• Illinois' Solution Is Not Pension Reform, or Higher Taxes, But Rather Bankruptcy Reform (blog - Mike Shedlock / Mish Talk)
• Transparency: Where Is the Pension Commission? (Jack Humphreville / CityWatch LA)

December 3, 2020

• Why We Fight Government Unions (Edward Ring / California Policy Center)
• Former California Pension Fund CIO Scrutinized for China Ties Was Highest Paid State Employee: Watchdog (Evie Fordham / Fox Business)

December 2, 2020

• Sen. John Moorlach Releases 2020 Financial Soundness Rankings for California’s 58 Counties (Orange County Breeze)
• California City That Sold Pension Debt Now at Fiscal Brink (Romy Varghese / BloombergQuint)

December 1, 2020

• Appellate Brief Filed in CalPERS Public Records Lawsuit (Robert Fellner / Transparent California)
• Pension News Roundup (blog - Mary Pat Campbell / STUMP)
• Despite Surplus, California Must Hold Line on Spending (editorial - Marin Independent Journal)
• Courts in California Still Sorting Out Public Pension Rulings (Keeley Webster / The Bond Buyer)

November 30, 2020

• Toxic Side Effects of Coronavirus Weaken Global Pension Systems (Chris Flood / Financial Times)

November 26, 2020

• The Legacy of Thanksgiving Is Free Enterprise (Richard M. Ebeling / American Institute for Economic Research)
• Corona-Absurdity Collides With California, New York, and Thanksgiving (John Tamny / RealClearMarkets)
• The Thanksgiving Rebellion of 2020 (Jeffrey A. Tucker / American Institute for Economic Research)

November 25, 2020

• Census Bureau Finds State and Local Pension Contributions Come Up Short (Marc Joffe & Jen Sidorova / Reason Foundation)
• Public Pension Funds Should Avoid Social Investing Strategies (Alix Ollivier & Leonard Gilroy / Reason Foundation)
• Some State Pension Plans Try to Downplay Poor Investment Returns (Steven Gassenberger / Reason Foundation)

November 24, 2020

• States With the Most and Least Debt in 2020 (Andrew DePietro / Forbes)

November 23, 2020

• Want to Make a Fortune in Overtime? Apply Today to the L.A. Fire Department (column - Steve Lopez / Los Angeles Times)

November 20, 2020

• With Split Roll Defeated, Time for California Pension Reform (editorial - Orange County Register)
• Pension Obligation Bonds Won’t Solve the Pension Crisis (editorial - Orange County Register)

November 19, 2020

• Gov. Lamont Must Reform Connecticut's Unsustainable Public Pensions (Joe DeLong / Greenwich Time)
• State Auditor Releases Updated Rankings of California Cities’ Fiscal Health (Alicia Robinson/ Orange County Register)

November 18, 2020

• Illinois' Pension Crisis Persists (letter - Daily Herald)

November 17, 2020

• No Pension News Today

November 16, 2020

• Oakland Cop’s $640,000 Pay Package Highest Ever, New Data Show (Robert Fellner / Transparent California)
• With Defeat of State Sen John Moorlach, Sacramento Loses Its Finest Legislator (Edward Ring / California Globe)
• As Public Pension Costs Soar, Some Southern California Agencies Turn to Controversial Borrowing (Teri Sforza / Orange County Register)

November 15, 2020

• Pension Reform Key to Protecting Illinois Services, Taxpayers After 'Fair Tax’ Rejection (Adam Schuster / Illinois Policy)

November 13, 2020

• The $75 Billion UN Pension Fund: Kicking Reforms Down the Road (Loraine Rickard-Martin / Pass Blue)

November 12, 2020

• Dead People Don’t Get Pensions (blog - Mary Pat Campbell / STUMP)

November 11, 2020

• New York Times Says California 'Sorely Needs Revenue.' An Analysis. (David Crane / Fox & Hounds)
• Two More Union Pension Funds Apply to Treasury Department for Benefits Cuts (Michael Katz / Chief Investment Officer)

November 10, 2020

• These Pension Reforms Are Needed to Deal With the Crisis (ValueWalk)
• Hold Onto Your Wallets (Jack Humphreville / CityWatch LA)
• State and Local Reforms to Unlock Congressional Stimulus (column - Girard Miller / Governing)
• Progressive Initiatives Crash and Burn in Deep-Blue California (editorial - Las Vegas Review-Journal)

November 9, 2020

• Don’t Get Stuck Holding the Pension Bag (letter - Juanita Sumner / Chico Enterprise-Record)
• Public Pension Problem Requires Tough Change (letter - Steve Almquist Henderson / Las Vegas Review-Journal)

November 6, 2020

• Your Editor Took a Sick Day

November 5, 2020

• Biden's and Trump’s Approaches to Retirement Savings and Security in 2021 (blog - John Bury / Burypensions)

November 4, 2020

• Marin County Pension Fund Members Might Face Higher Payments (Richard Halstead / Marin Independent Journal)

November 3, 2020

• Social Security Fund Would Be Empty by 2023 if Payroll Taxes Were Cut, Chief Actuary Estimates (Nicholas Reimann / Forbes)
• Waiting for a Bailout, NYC Pension Reform, Illinois Finance, and More (blog - Mary Pat Campbell / STUMP)

November 2, 2020

• Pension Plan Managers Aren’t Supposed to Solve the World’s Problems (op-ed - Eugene Scalia / Tampa Bay Times)

October 30, 2020

• The Spectre of Pension Failures Haunts This Election (opinion - Karen Friedman / The Hill)
• New CalPERS CIO Could See $2.4 Million Payout (Randy Diamond / Chief Investment Officer)

October 29, 2020

• Here Are the City of Davis, California's 50 Highest-Paid Public Employees (Sharon Havranek / Sacramento Business Journal )

October 28, 2020

• How to Start Defusing NYC’s Pension Bomb (op-ed - Michael Hendrix & John Hunt / New York Post)
• FDNY Firefighter With Annual $136,000 Disability Pension Moonlights as Stuntman (Carl Campanile / New York Post)

October 27, 2020

• How Much Pension Debt Does Your State Have? (James McAllister / Ballotpedia)

October 26, 2020

• The Fed Saved the Economy But Is Threatening Trillions of Dollars Worth of Middle-Class Retirement (Allan Sloan / ProPublica)
• GOLDEN OLDIE: California’s Record-Breaking Deficit Owes as Much to Its Progressive Politics as to the Virus Lockdown (Steven Malanga / City Journal)
• San Francisco’s Retirement Spending More Than Doubled From 2010 to 2019 (David Crane / Fox & Hounds)

October 23, 2020

• Singling Out Delphi, Trump Addresses Broad Pension Crisis (Warren Rojas / Bloomberg)
• Moody’s: Pension Liabilities Rise 25% for Government Plans (Rob Kozlowski / Pensions & Investments)

October 22, 2020

• California State Officials and Unions Will Never Have All the Money They Want (Ken Monroe / Fox & Hounds)

October 21, 2020

• Angelenos: Would You Vote to Increase Our Sales Tax to 12%? Or Increase Your Property Taxes by 22%? (Jack Humphreville / CityWatch LA)

October 20, 2020

• Pension Liabilities Are the Main Cause for Fullerton, California's Deficit, Says Council Candidate Bruce Whitaker (Chris Karr / The Epoch Times)

October 19, 2020

• Our Public Pensions in Crisis (Carrie McCabe / Forbes)
• GOLDEN OLDIE: But My Pension! That Was a Promise! (Geoffrey Norman / American Consequences)

October 16, 2020

• Social Security Announces COLA for 2021 (Rebecca Moore / PlanSponsor)

October 15, 2020

• California’s Next Big Tax Gulp (editorial - Wall Street Journal)
• If CalPERS Beats Earnings Targets, Its Next Investment Chief Could Take Home $2.4 Million (column - Wes Venteicher / Sacramento Bee)
• Debating Pension Reform (blog - John Bury / Burypensions)

October 14, 2020

• A Fisking of Yet Another Public Pension 'Explainer' and a Closer Look at Texas ERS (blog - Mary Pat Campbell / STUMP)
• Should Felons Keep Their California Pensions? This Court Case Could Give a New Answer (column - Wes Ventaeicher / Sacramento Bee)

October 13, 2020

• Most NYC Firefighters Retired With $100,000-Plus Annual Pensions Last Year (Carl Campanile / New York Post)

October 12, 2020

• Debt Reckoning: After Years of Federal Fiscal Recklessness, Is Washington's Bill Finally Coming Due? (Peter Suderman / Reason)

October 9, 2020

• Trump, Pelosi, and McConnell Are All Failing Multiemployer Pensions -- and the Rest of Us (Elizabeth Bauer / Forbes)

October 8, 2020

• NEW BRIEF: 2020 Public Pension Plan Investment Update and COVID-19 Market Volatility (Jean-Pierre Aubry / Center for Retirement Research)
• Census Bureau Releases 2019 Annual Survey of Public Pensions (press release - US Census Bureau)
• POLICY BRIEF: The State Pension Funding Gap: 2018 (Pew Charitable Trusts)
• 'Pathological’ Behavior by Pension Fund Trustees Leads to Billions Blown on Real Estate (opinion - Brett Arends / Market Watch)

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