CALIFORNIA | LOCAL
January 21, 2013 |
Los Angeles Mayor Antonio Villaraigosa said that he has asked the city's three pension funds to review all investments and work to end those in companies that manufacture assault weapons. Invoking the Sandy Hook Elementary School shooting that left 27 dead in Newtown, Conn., last month, Villaraigosa on Wednesday said it was inappropriate for the city to make money off of weapons manufacturers. "It's a moral and financial imperative to end our relationship with these companies," said the mayor, who added that it was unclear how much pension money was invested in weapons makers.
January 9, 2013 |
SACRAMENTO -- Acting on a request from the state treasurer, the board of the state teachers pension fund has begun the process of selling its holdings in some gun and ammunition-clip manufacturers. Treasurer Bill Lockyer's motion was approved unanimously Wednesday by the Investment Committee of the $154-billion California State Teachers' Retirement System. Lockyer brought the issue to the board in response to December's mass shooting of 20 students and six adults at Sandy Hook Elementary School in Newton, Conn.
December 17, 2012 |
California Treasurer Bill Lockyer may order two giant state pension funds to strip their portfolios of any investments in gun makers after the shooting rampage at an elementary school in Connecticut. He has asked that both the California State Teachers' Retirement System and the California Public Employees' Retirement System, the nation's two biggest pension funds, provide an accounting of all such holdings. Lockyer is particularly concerned about investments in the makers of certain military-style assault weapons, which are banned in the state.
September 1, 2012 |
Wall Street investors aren't the only ones feeling the sting of Facebook Inc.'s falling stock: So are some of the country's troubled government pension funds. Public employee retirement funds from around the country took part in the Menlo Park, Calif., social networking juggernaut's May 18 initial public offering and plowed millions of dollars into Facebook stock before its value plunged. Facebook shares continued their decline Friday, falling $1.03, or 5.4%, to a record low of $18.06, or less than half their $38 offering price.
July 17, 2012 |
SACRAMENTO -- Corporate and public pension funds across the country are seriously underfunded, threatening the retirement security of workers and straining the already tapped finances of state and local governments, according to a pair of independent studies. A report released by the S&P Dow Jones Indices on Tuesday spotlighted record high shortfalls in corporate funds needed to pay for pensions and related post-employment benefits. Companies were underfunded by an estimated $578 billion, meaning they had only 70.5% of the money needed to meet retirement obligations, the report said.
July 17, 2012 |
SACRAMENTO - Corporate and public pension funds across the country are seriously underfunded, threatening the retirement security of workers and straining the financial health of state and local governments, according to a pair of independent studies. In 2011, company pensions and related benefits were underfunded by an estimated $578 billion, meaning they only had 70.5% of the money needed to meet retirement obligations, according to a report by S&P Dow Jones Indices. Funds generally don't need to have all the money needed pay future pensions because returns on investments vary over the years and people retire at different ages and with different levels of benefits, experts said.
June 28, 2012 |
California's biggest healthcare buyer isn't happy about its $7-billion annual medical bill climbing almost 10% next year, and the state's big insurers may be feeling the heat. The California Public Employees' Retirement System is preparing to rebid its health insurance business this fall for 1.3 million members, and two of its current plans, Anthem Blue Cross and Blue Shield of California, are likely to face intense competition as the giant pension fund considers its options. Perhaps the boldest move under consideration for 2014 would be to bypass insurers altogether in some areas of the state and begin contracting for medical services directly with large physician groups.
May 23, 2012 |
SACRAMENTO — The California State Teachers' Retirement System will cast its 5.3 million shares of Wal-Mart Stores Inc. against the reelection of the company's board after allegations of bribery in the retailer's Mexican operations. Citing "a breakdown of corporate governance and lack of oversight," Jack Ehnes, chief executive of CalSTRS, made the announcement Tuesday "CalSTRS believes former and current Wal-Mart executives and board members breached their fiduciary responsibilities," Ehnes said.
May 4, 2012 |
The California State Teachers' Retirement System is suing Wal-Mart Stores Inc. executives and board members, accusing them of using bribery and corruption to gain approval from Mexican government officials to build new stores. Late Thursday, the board of CalSTRS, the country's second-largest public pension fund, filed the so-called derivative lawsuit seeking changes in the corporate governance of the world's biggest retailer. "CalSTRS is seeking to remedy the damages sustained by Wal-Mart as a result of alleged gross misconduct by Wal-Mart's executive officers and directors," CalSTRS Chief Executive Jack Ehnes said.