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Pensions Funds

CALIFORNIA | LOCAL
April 9, 1998
The Los Angeles County government has had a good fiscal thing going in recent years, and it came from an unlikely source: the L.A. County Employees Retirement Assn. This is the huge $24.6-billion pension fund for some 42,000 retirees and roughly 83,000 current workers (a roll that, by the way, makes the county government the biggest employer in Southern California). Now, for a number of reasons, the county will have to reduce its reliance on the pension fund.
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CALIFORNIA | LOCAL
May 31, 1985
Charter Amendment 2 on Tuesday's ballot in Los Angeles would allow the city's three employee pension funds to invest some of their money in real estate. In the interest of flexibility and the potential for increased earnings, the charter amendment deserves passage. At present, the managers of the three funds that are involved--the fire and police pension systems, the Department of Water and Power system and the city employees' retirement system--basically can invest only in stocks and bonds.
CALIFORNIA | LOCAL
July 17, 1995
Karen Ferguson and Kate Blackwell (Commentary, July 3) recommend mandatory contributions for employee pensions. On the surface, this seems to make sense. After all, many people are not preparing for retirement. But the fact is employers are already mandated to pay a hefty contribution to employee pensions. This is required under Social Security. Employers must pay 6.2% of an employee's wages (up to $60,000) for Social Security (as well as 1.45% for Medicare). Moreover, the employee then must put in another 6.2%.
BUSINESS
November 8, 1996 | Times Staff and Wire Reports
The California State Teachers' Retirement System, the third-largest public pension fund in the country, wants to pay someone as much as $230,000 a year, plus a 10% bonus, to be its chief investment officer. That may sound like a pretty enticing opportunity, but only one person answered the ad. That's Thomas Flanigan, who has been in the job at the $65-billion fund since June 1985. Calsters said it will choose an executive search firm shortly to try to attract more candidates.
CALIFORNIA | LOCAL
November 8, 1996 | SHELBY GRAD
The Orange County Retirement Board is scheduled to select a new administrator today for its $2.6-billion pension fund. The system, which handles the pensions of more than 20,000 current and retired government employees, has been without a permanent administrator since January, when the board dismissed Mary-Jean Hackwood. Hackwood was accused of abusing her authority by demanding that employees run personal errands for her.
CALIFORNIA | LOCAL
May 17, 1994 | PHYLLIS W. JORDAN
The county's retired workers should continue receiving supplemental benefits, but not at the expense of future retirees, representatives of Ventura County's public employees union argued Monday.
BUSINESS
February 9, 1989 | From Times Wire Services
Financial Accounting Standards Board today announced a controversial proposal to change the way companies account for pension benefits, a plan which could significantly affect company profits. The proposed new rules, scheduled to take effect in 1992, would require U.S. companies to deduct promised post-retirement medical and insurance benefits as they are earned, or while an employee is still working for the company.
BUSINESS
February 10, 1985 | JOHN F. LAWRENCE, John F. Lawrence is The Times' economic affairs editor
Time was when pension-fund managers were a pretty straight-laced bunch. Buy some blue chips and triple-A's, and then sit back and watch the grass grow. Then came the go-go years of the '60s. Somebody began comparing investment records. Now the idea is to buy American Telephone & Telegraph Co. today, trade it in for General Motors Corp. tomorrow, and dump the whole mess the next day. All that in quest of something called "performance."
NEWS
November 11, 1987 | Associated Press
The Labor Department said Tuesday that it has reached final settlement of a major 10-year-old lawsuit against former trustees of the Teamsters Union Central States Pension Fund, extending court-imposed safeguards and awarding more than $4 million in restitution. The settlement was approved by U.S. District Judge James B. Moran in Chicago, department officials said. It brings the government's recoveries in the Teamsters' Central States cases to more than $21.5 million since 1982.
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