January 13, 2014 |
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.
December 7, 2013 |
For 34 years, Gwendolyn Beasley worked as a clerk at the Detroit Public Library and paid a portion of her salary into a fund that would someday help pay for her pension. Now retired, Beasley, 67, receives $1,500 a month from that pension. But she's cutting back on spending after a judge ruled last week that Detroit's pension funds, like other city creditors, may have to take a hit as the city reorganizes its finances under bankruptcy. "I think it's so very unfair," Beasley said.
CALIFORNIA | LOCAL
November 8, 2013 |
A union leader whose members helped construct Disney Hall, Staples Center and other signature Southern California buildings is under investigation over allegations that he let employers skip payments to workers' health and pension funds, spent dues money on an extramarital affair and retaliated against whistle-blowers. Scott Brain represents about 1,650 workers as head of Cement Masons Union Local 600, based in Bell Gardens. The union is a force in local and state politics as a regular donor to election campaigns.
CALIFORNIA | LOCAL
September 15, 2013 |
A handful of maids and janitors line up most weeks outside the gleaming Embassy Suites in Irvine to urge visitors to boycott the hotel. But the workers aren't just protesting management - they are also targeting their union brothers and sisters. One of the hotel's largest investors is the Los Angeles County Employees Retirement Assn., which manages $41 billion in pension funds for firefighters, sheriff's deputies and other union and nonunion workers. Unite Here Local 11 is seeking to unionize 65 hotel workers and says Embassy Suites is trying to fire those who support the union.
July 19, 2013 |
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.
June 26, 2013 |
SACRAMENTO - Federal prosecutors are stepping up efforts to bring to trial two former officials of the California Public Employees' Retirement System indicted on fraud, conspiracy and obstruction charges. The U.S. attorney in San Francisco wants to move ahead quickly on criminal cases brought against Alfred J.R. Villalobos, a former CalPERS board member and deputy mayor of Los Angeles, and Federico Buenrostro Jr., a former chief executive of the pension fund. To do so, the Justice Department has asked federal and state agencies and judges to delay action on various pending lawsuits involving the two men. A grand jury indicted Buenrostro, 64, of Sacramento and Villalobos, 69, of Reno, Nev., in March.