PensionTsunami's primary focus is on California's public employee pension crisis, but we also monitor news in other states, keep an eye on the world of corporate pensions, and follow developments in Social Security since it is taxpayers who will ultimately be responsible for making up deficits incurred by any of these retirement plans. We also try to monitor international trends. The editor of PensionTsunami.com is Jack Dean (JackDean-at-PensionTsunami-dot-com).
California Assemblyman Rob Bonta (D-Oakland) will hold the first hearing on CalSTRS’ huge unfunded liability on Feb. 19 in the Assembly Public Employees, Retirement and Social Security Committee, which Bonta chairs. “Ensuring the long term financial security of California’s hardworking and dedicated teachers is a goal we are hopeful we can achieve this year,” Bonta said at a news conference with Assembly Speaker John Pérez on January 29.
Last Wednesday the Citrus Heights Regional Chamber of Commerce held a forum on public pension reform. It was moderated by Marcia Frtiz, president of the California Foundation for Fiscal Responsibility, and featured four knowledgeable panelists: State Senator Mimi Walters who represents California’s 33rd District; Bill Pollacek, former treasurer of Contra Costa County; Ted Costa, CEO of People’s Advocate; and Lanny Ebenstein, professor of economics at UC/Santa Barbara and president of the California Center for Public Policy which sponsored the event. More background can be found here. The video is approximately one hour:
Posted in California at June 3rd, 2012 by Jack Dean| Comments Off
As cities across the nation increasingly become mired in financial crises due to public employee pensions and health care costs, debt and overspending, PBS correspondent Spencer Michels profiles one city making efforts to avoid bankruptcy: Stockton, California:
Providence Mayor Angel Taveras made a direct pitch yesterday to more than 800 city retirees to accept reduced pensions and less generous health care coverage to help the city avoid a bankruptcy filing: