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Pensions Funds

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.
December 20, 1994
Ventura County employee retirees recently lost the supplemental portion of their retirement payments. Earlier in the year, retirees received from the Retirement Board a long, vague and rambling letter stating these supplemental payments could no longer be afforded. It seems more than obvious that the investment practices of the Retirement Board should be investigated. How could it be at a time of steady gains in the conservative investments of private citizens, the County Retirement Board cannot afford to continue to pay supplemental payments?
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%.
February 12, 2005
Re "The Right's Attack on Public Pensions," Commentary, Feb. 7: Treasurer Phil Angelides has connected the dots that explain the attack by the governor and those ideologues who would destroy one of the finest examples of a fiducially sound and ethical public pension plan. CalPERS and the State Teachers' Retirement System have had the audacity to expect accountability from the giant corporations such as Enron, WorldCom, Tyco, et al. Their reward has been an attack by "free market globalists" who are also pushing for privatization of Social Security to effectively destroy a public pension system known for its integrity!
November 16, 2004 | Sandra Murillo, Times Staff Writer
An Ohio finance executive believed to have committed suicide last month is being investigated on suspicion of embezzling retirement account payments made by teachers and other employees from San Bernardino County schools, authorities said. Officials at the San Bernardino County Superintendent of Schools office said they had yet to determine how much money was allegedly stolen by Michael Duffy, former chief financial officer of the Cleveland-based National Employee Benefit Services Inc.
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.
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.
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.
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.
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."
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