CALIFORNIA | LOCAL
April 3, 2004 |
Gov. Arnold Schwarzenegger on Friday appointed Santa Ana Mayor Miguel Pulido to the board of the California State Teachers Retirement System, the largest pension program of its kind in the country. Pulido, a Democrat, was initially appointed to the unsalaried post last year by former Gov. Gray Davis shortly before Davis was recalled. But when Schwarzenegger became governor, he withdrew Pulido's nomination along with scores of other pending Davis state office nominees.
CALIFORNIA | LOCAL
April 7, 2005 |
The California Senate on Wednesday rejected Kathleen Smalley, Gov. Arnold Schwarzenegger's nominee for the state teachers' retirement board, to protest the governor's firing of four other nominees. Smalley and the others had been sitting on the board of the California State Teachers Retirement System while awaiting Senate confirmation. But in February, Schwarzenegger fired four of them after they voted to oppose his plan to replace public pensions with 401(k)-style accounts.
April 7, 2006 |
The California State Teachers' Retirement System will sell its holdings in five foreign energy companies that do business in Sudan to protest human rights abuses in the African nation's Darfur region. On a 9-0 vote Thursday, the board of CalSTRS, the nation's second-largest public pension fund, directed its staff to plan for the divestment of the approximately $14 million worth of stock the fund currently holds in the companies. The holdings could be sold as early as June.
February 1, 1990 |
Northrop Corp. said Wednesday that it has agreed to sell two Century City office buildings, including its corporate headquarters, and a 53-acre defense plant complex in Anaheim for more than $250 million. The aerospace giant said it would use the sale's proceeds to pay part of its $1.2-billion debt. Like other defense contractors, Northrop has felt the pinch from cutbacks in federal defense spending.
February 6, 2003 |
The California State Teachers' Retirement System, the fourth-largest U.S. public pension fund, said Wednesday that it could see the gap between its assets and its obligations to pensioners multiply by 21 times to almost $47 billion in the next decade. CalSTRS' unfunded liability, which occurs when a pension fund's total value falls below projected long-term obligations to pay benefits to retirees, could grow from $2.2 billion in 2002 to $46.
February 12, 1997 |
The investment officers of California's two big public employee pension funds are taking two very different approaches toward investing their huge asset pools--and the results may cost one of those individuals his job. The $68-billion California State Teachers' Retirement System fund, under Chief Investment Officer Tom Flanigan, has become increasingly wary of the U.S. stock market's heights, and has reduced its stake in U.S. shares to 32.9% of total assets from 41.3% three years ago.
January 7, 2000 |
The state's influential teachers pension fund voted Thursday to develop a model under which public school teachers could receive health benefits directly from doctors, rather than buying insurance through a traditional health plan.
April 17, 2003 |
California Treasurer Phil Angelides is urging the state's two biggest public pension systems to pay more attention to executive pay. Angelides on Wednesday sent letters to the investment committees of the California Public Employees' Retirement System and the California State Teachers' Retirement System, asking them to use their muscle as major shareholders to vote against any company compensation plan that would give managers dramatically more stock than lower-level employees.
February 26, 2002 |
The California State Teachers' Retirement System filed a motion Monday to be named lead plaintiff in nearly 20 consolidated lawsuits against Homestore.com Inc. and several former executives. The move is another example of pension funds seeking to spearhead efforts to recover damages from companies alleged to have used phony accounting to attract investors. Major pension funds also are aggressively seeking damages from Enron Corp.
December 11, 2002 |
The California State Teachers' Retirement System filed suit Tuesday against Qwest Communications International Inc., blaming the pension fund's $150-million investment loss on the telecom- munications company's alleged improper accounting practices. Those practices are under investigation by the Securities and Exchange Commission and the Justice Department.