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)
BUSINESS
September 26, 2013 | By Stuart Pfeifer
The more money you make before retirement, the more you may have to cut back when you do retire, a new study has found. Because of Social Security benefits, some low-wage earners receive more income when they retire than they did when they were working. By contrast, many high-wage earners see their incomes reduced significantly in retirement, according to a report by the Employee Benefit Research Institute. "Social Security replaces a higher proportion of low-wage earners' income," the Washington group said Thursday in a news release.
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.
WORLD
April 3, 2013 | By Sergei L. Loiko
MOSCOW -- The Russian government has no idea how about 44% of the country's registered workers are making a living, a top official said Wednesday. Deputy Prime Minister Olga Golodets said the government is unaware of what's happening with about 38 million of the 86 million Russians registered as workers. About 48 million people are working in sectors of the economy that officials “can see and understand,” she said. “It is unclear what everybody else is involved in and to what extent,” Golodets said at an international economic conference at the Higher School of Economics in Moscow.
BUSINESS
February 19, 2013 | Michael Hiltzik
It's amazing, and depressing, when political compromise functions only to throw obstacles in the way of ideas that bring the greatest good to the greatest number of people. Today's example: the long, tortuous road to bringing more retirement security to working-class Californians. In September, the state launched a plan to enable these workers to put aside about 3% of their wages a year for retirement. As enacted by the Legislature and signed by Gov. Jerry Brown, the program's goals would be modest indeed.