"A republic, if you can keep it." Vegas, taxes.
"A republic, if you can keep it." Vegas, taxes.
Federal bankruptcy laws trump California state law requiring municipalities to pay public pension obligations, ruled a federal judge. California public pension giant CalPERS tried to block the bankruptcy as it means they are no longer first in line for repayment.…
The coming battle in public pensions is between CalPERS, the biggest public pension fund in the country, and bond insurers who want pension payments made by bankrupt municipalities to CalPERS cut. This could mean that pension contracts made with bankrupt…
The California Public Employees’ Retirement System (CalPERS) has quite the cushy deal. If they have a shortfall, they can simply tell the state and municipalities to make up the difference. This year that will cost the state $3.7 billion. Plus,…
The California Public Employees’ Retirement System (CalPERS) announced a disappointing 1.1% return on their investments for calendar year 2011. By their own estimates, they need to average 7.75% a year to meet current and future obligations to its about 1…
Government pensions, including CalPERS and the other public pension plans in California, are permitted to use far laxer accounting standards than private pension plans. This allows them to greatly overstate how much money they have and to understate future liabilities,…