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BUSINESS
August 7, 2013 | By Chad Terhune
A new lawsuit alleges the California Public Employees' Retirement System intentionally misled more than 100,000 policyholders who purchased long-term care insurance from the giant pension fund. This case, filed Tuesday in Los Angeles County Superior Court, adds to the growing backlash against CalPERS over its recent decision to hike rates 85% for many of these policies, starting in 2015. CalPERS, which runs the nation's second-largest long-term care plan after one for federal government employees, has said the hefty rate increases are necessary to keep this insurance fund intact for future claims.
ARTICLES BY DATE
CALIFORNIA | LOCAL
March 6, 2014 | By Jeff Gottlieb
The highest-paid pensioner in California's largest retirement system continues to receive more than $500,000 annually, even though officials promised almost two years ago his retirement pay would be dramatically cut. After an angry state senator confronted them Thursday, pension officials said they would cut the payments to former Vernon administrator Bruce Malkenhorst to almost $116,000 a year starting in April. "I told them very directly that I'm livid beyond belief," said state Sen. Kevin de Leon (D-Los Angeles)
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BUSINESS
February 21, 2013 | By Chad Terhune, Los Angeles Times
Dailey Mayo received some stunning news in the mail last week: an 85% rate increase for the long-term-care insurance he has had for 15 years from the California Public Employees' Retirement System. The retired sales manager in Pasadena said his monthly premium of nearly $400 would jump to $738, or about $8,850 annually, under this plan. "I'm 82 now and I might need this care soon," he said. "It really ticks me off that they are doing this. " More than 110,000 CalPERS policyholders are receiving similar news after the pension fund's board approved the changes late last year.
BUSINESS
January 13, 2014 | By Marc Lifsher
SACRAMENTO - California's huge pension fund reported a 16.2% return on its investments in 2013 - its best results in more than a decade. The California Public Employees' Retirement System, which provides benefits to about 1.7 million state and local government workers, retirees and their dependents, said its total investments were worth $282.6 billion as of Friday, the highest ever. Better known as CalPERS, the country's biggest public pension fund was especially helped by the stock market's best year since 1997.
BUSINESS
July 16, 2012 | By Marc Lifsher
SACRAMENTO -- The California Public Employees' Retirement System, the largest public pension fund in the country, posted a mere 1% return on its investment for the fiscal year that ended June 30. The performance came in well below the fund's target of 1.7% growth in its $234.3-billion portfolio, said Joseph Dear, CalPERS' chief investment officer. The return for fiscal 2012 also was way below CalPERS' long-term growth strategy, which calls for a 7.5% average annual rate of return to pay for retirement benefits for more than 1.3 million members.
BUSINESS
February 1, 2010
Pension fund The California Public Employees' Retirement System is the largest public pension fund in the nation. Based in Sacramento, the fund -- known as CalPERS -- provides retirement benefits for 1.6 million active and inactive state and local government workers, retirees and their families. It also manages healthcare benefit programs for 1.3 million people. Overseen by a 13-member board of administration. Some board members are elected by state workers and retirees; others are appointed.
CALIFORNIA | LOCAL
May 31, 2012 | By Sam Allen, Los Angeles Times Staff Writer
Two former administrators in the city of Vernon who received lavish compensation will have their retirement benefits slashed in what state pension officials described as the largest public pension reduction in state history. Bruce Malkenhorst, who had the biggest public pension in California, $545,000 a year, will see his yearly benefit drop to about $115,000. His successor, Eric T. Fresch, will have his pension stripped completely. Fresch, who made as much as $1.6 million in 2008, has yet to formally retire but one expert estimated his pension's value at about $300,000 a year.
BUSINESS
October 23, 2009 | Marc Lifsher
The California Public Employees' Retirement System is reviewing its relationship with private equity firm Apollo Management in the wake of steep losses on investments placed with the New York asset manager. The review began in May and is focused on reducing administrative and management fees, said Pat Macht, a spokeswoman for the Sacramento agency known as CalPERS, which manages $200 billion in retirement assets -- the country's largest pension fund -- on behalf of current and former state and municipal employees.
BUSINESS
March 18, 2013 | By Michael Hiltzik
The federal fraud indictments of two former CalPERS officials , announced today in San Francisco, represent the dropping of shoes from a very tall height -- at least that's one explanation of why the case has taken so long.  The charges against former CalPERS Chief Executive Fred Buenrostro and former CalPERS board member Alfred Villalobos stem from wrongdoing that may date back as far as 2002. A report CalPERS commissioned from the law firm of Steptoe & Johnson was made public in 2011.
BUSINESS
January 13, 2014 | By Marc Lifsher
SACRAMENTO -- The California Public Employee's Retirement System, the nation's biggest government pension, reported a 16.2% return on its investments for 2013. It was the best calendar year performance in 11 years for the $281-billion CalPERS, which provides benefits to about 1.7 million state and local government workers, retirees and their dependents. "A 16.2% rate of return is really good," said Marcia Fritz, a Sacramento pension reform activist. "They are in it for the long haul.
BUSINESS
January 13, 2014 | By Marc Lifsher
SACRAMENTO -- The California Public Employee's Retirement System, the nation's biggest government pension, reported a 16.2% return on its investments for 2013. It was the best calendar year performance in 11 years for the $281-billion CalPERS, which provides benefits to about 1.7 million state and local government workers, retirees and their dependents. "A 16.2% rate of return is really good," said Marcia Fritz, a Sacramento pension reform activist. "They are in it for the long haul.
CALIFORNIA | LOCAL
September 5, 2013 | By Patrick McGreevy
SACRAMENTO - State lawmakers want to block former Vernon administrator Bruce Malkenhorst from forcing the city to restore a $545,000 pension he was receiving before it was slashed by the state retirement system. The legislators have drafted an urgency proposal to bar lawsuits against cities by any local government executive convicted of a felony for actions taken in office. In 2005, Malkenhorst, 78, retired from a job that paid him $911,000 in his last year, just before the district attorney charged him with misappropriation of public funds.
CALIFORNIA | LOCAL
August 12, 2013 | By Patrick McGreevy
California legislators are jumping into the fray over new Russian laws seen as an infringement of the rights of gays and lesbians. Senate President Pro Tem Darrell Steinberg (D-Sacramento) and others have signed on to support a resolution to be introduced Monday by Sen. Mark Leno (D-San Francisco) that urges California's public retirement systems not to invest future resources in Russia. The resolution is in response to new laws signed by Russian President Vladimir Putin that ban gay adoptions as well as “propaganda of nontraditional sexual relations," including gay pride events.
BUSINESS
August 7, 2013 | By Chad Terhune
A new lawsuit alleges the California Public Employees' Retirement System intentionally misled more than 100,000 policyholders who purchased long-term care insurance from the giant pension fund. This case, filed Tuesday in Los Angeles County Superior Court, adds to the growing backlash against CalPERS over its recent decision to hike rates 85% for many of these policies, starting in 2015. CalPERS, which runs the nation's second-largest long-term care plan after one for federal government employees, has said the hefty rate increases are necessary to keep this insurance fund intact for future claims.
CALIFORNIA | LOCAL
July 23, 2013
The man who boasted California's biggest public pension isn't giving it up without a fight. The California Public Employees' Retirement System cut former Vernon city administrator Bruce Malkenhorst's annual pension from more than $500,000 to $115,000 after he was convicted of misappropriating public funds, and now Malkenhorst is demanding Vernon make up the difference. Join us at 9 a.m. when we talk with Times reporter Ruben Vives about the 78-year-old Malkenhorst's novel argument to try and recapture some of the money CalPers said he received improperly.
CALIFORNIA | LOCAL
July 22, 2013 | By Ruben Vives and Hector Becerra
The man who was granted California's biggest public pension isn't giving it up without a fight. Bruce Malkenhorst took home more than $911,000 a year as city manager of the tiny city of Vernon. His reign ended shortly before he was convicted of misappropriating public funds, and he walked away with an annual pension that eventually topped $500,000, the largest in the California Public Employees' Retirement System. But CalPERS last year decided to cut his pension to $115,000, concluding he'd derived some of his hefty salary improperly.
NEWS
March 18, 2011 | Michael Hiltzik
Whether we're talking about corporate affairs or home ec, it's a fundamental fact that housecleaning doesn't work unless it's thorough. Leave the smallest task undone, and the rats and bugs come swarming back. So the question to ask about the financial scandal at CalPERS is this: Has the place been sufficiently scrubbed clean? The affair is centered on placement agents, the middlemen hired by Wall Street firms and other money managers to snag investment capital from institutional investors.
NEWS
January 23, 2012 | By Marc Lifsher
 The nation's largest public pension fund, the California Public Employees' Retirement System, posted a low, single-digit return on its $229.5-billion investment portfolio in 2011, Chief Investment Officer Joseph Dear told his board. The giant fund, which provides retirement and other benefits for 1.6 million state and local government employees, saw its portfolio grow by just 1.1% in the calendar year that ended Dec. 31, Dear said at a board meeting in Monterey. During the 2011 calendar year, CalPERS lost 7.95% in public equity investments and earned approximately 12.37% on its private equity investments (through the third quarter)
CALIFORNIA | LOCAL
July 22, 2013 | By Ruben Vives and Hector Becerra
The man who boasted California's biggest public pension isn't giving it up without a fight. Bruce Malkenhorst took home more than $911,000 a year as city administrator of the tiny city of Vernon. His reign ended shortly before he was convicted of misappropriating public funds, and he walked away with annual pension that eventually topped $500,000, the largest in the California Public Employees' Retirement System. But CalPERS last year decided to cut his pension down to $115,000, concluding he derived some of his hefty salary improperly.
NATIONAL
July 19, 2013 | By Richard Simon and Abby Sewell
WASHINGTON - Detroit's historic bankruptcy filing - already thrown into turmoil by a Michigan court Friday - has ignited a largely uncharted legal front in the closely watched battle between public employee unions and governments across the country struggling to meet costly pension obligations. In Detroit, city pension funds sued Republican Gov. Rick Snyder and the city's emergency manager, saying they could not use bankruptcy to reduce the pensions of about 30,000 current and retired workers to help ease the city's $18-billion debt.
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