The California Public Employees’ Retirement System is an agency in the California executive branch that “manages pension and health benefits for more than 1.6 million California public employees, retirees, and their families”.
San Luis Obispo Fire Chief Garret Olson will retire from the city’s fire department next month following six years with the agency, the majority of which he spent as chief. [Cal Coast Times] Olson’s 30-year firefighting career was spent mostly... (Continue reading)
A former Five Cities Fire Authority firefighter accused the fire chief of retaliation and violations of labor laws in a lawsuit filed in July against the fire authority, the city of Arroyo Grande, and chief Steve Lieberman. The lawsuit alleges... (Continue reading)
While the Cuesta College Board of Trustees is looking at strategies to offset a $551,000 budget deficit, the faculty union is pushing for higher pay. [Cal Coast Times] Lower enrollment coupled with increased unfunded pension liabilities have led to the... (Continue reading)
Following the California Public Employee Retirement System’s (CalPERS) recent decision to lower its investment forecasts, the city of San Luis Obispo is facing skyrocketing pensions costs. As result, also because of slowing tax revenue growth, the city is facing a... (Continue reading)
California school districts will soon divert billions of dollars from classrooms in order to backfill pensions, education officials say. The skyrocketing pensions costs are expected to eat up much of California’s increased spending on education. [SF Chronicle] The school district... (Continue reading)
By JOSH FRIEDMAN The California Public Employees Retirement System (CalPERS) has decided to lower its discount rate from 7.5 percent to 7.0 percent, which will cause pension costs to rise for state and local government agencies. CalPERS’s discount rate is... (Continue reading)
Arroyo Grande is again planning on rehiring Robert McFall to serve as interim city manager, and by chance, the city is expected to save some money. Earlier this month, the council approved an employment agreement with McFall, but complications stemming... (Continue reading)
Arroyo Grande City Council’s plans to hire Robert McFall to serve as interim city manager were dismantled shortly after the council voted last week to approve his contract. It is currently unclear whether McFall will go back to work for... (Continue reading)
CalPERS earned a return on its investments of just .6 percent in the last fiscal year, marking the state retirement fund’s worst performance since 2009. The pension system must average a yearly return of at least 7.5 percent to meet... (Continue reading)
Editor’s Note: The CalPERS audit is at the bottom of the article. By JOSH FRIEDMAN A series of financial blunders committed by the Cambria Community Services District have surfaced over the past year, including in a recent audit that discovered... (Continue reading)
