News

PEPRA Amendments Proposed-Update

Four Bills have been introduced proposing to amend AB340 and PEPRA rules

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Morningstar Reports on State Pension Plan Funding 12/14/12

To get a better view of the present state of major pension plans, and the potential impact of their vulnerabilities on governments, taxpayers, and investors, Morningstar has analyzed current data for pension plans administered by each of the 50 states.

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California Actuarial Advisory Panel Request for Legislation to Address Certain Aspects of Pension Reform (Assembly Bill 340) 11/5/2012

The California Actuarial Advisory Panel has written to Legislative Committees in support of Pension Reform (PEPRA) but identifying certain areas where clarification and amendment is needed. The letter details 6 areas of uncertainty and makes recommendations for each. Request for Legislation to Address Certain Aspects of Pension Reform

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Creation of Two New Risk Pools due to the Public Employees’ Pension Reform Act 11/14/12

CalPERS staff has recommended to the CalPERS Board that two new risk pools be created in response to PEPRA. Risk pools apply to plans of employers with less than 100 active members. One risk pool would be created for new miscellaneous members subject to PEPRA’s 2% at 62 formula, and the second would be for new safety members subject to any of the new PEPRA benefit formulas. This proposal will be considered at the Pension and Health Benefits Committee meeting November 14, 2012.

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Definition of "Government" 11/28/12

The IRS has issued draft proposed regulations that outline the requirements for being a government pension plan. Governmental pension plans are not subject to many of the rules others are subject to, so governmental plan status is critical. In particular, these rules define what is “an agency or instrumentality of a State or political subdivision of a State.” This may be a very significant issue for agencies that are participating in CalPERS. There are opportunities for public comment to IRS both on these rules, and the proposed regulations which will follow.

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Funding Pensions and Retiree Health Care for Public Employees

This is a report by the Public Employee Post-Employment Benefits Commission in January of 2008 about how to best fund post-employment benefits for our state's workforce.

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Best Practice - Procuring Actuarial Services 11/9/12

The Government Finance Officers Association recently posted this Best Practice article on selecting an actuarial provider.

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Recommended Reading 10/31/14

“The Challenges of Pension Reform” by Tony Oliviera covers the historical basis and evolution of California public pension plans. Aimed at people involved in pension decision-making, the paper addresses contains a good background discussion of retirement and pensions and then discusses the current issues and potential alternatives. Although written before AB 340, the paper is still relevant today.

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PEPRA Summary for CalPERS Agencies 10/2012

Issues & projections of effects on future contributions.

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IRS Announces 2013 Limits 10/28/12

Taxpayers may contribute up to $17,500 to their 401(k) and 403(b) plans in 2013.

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Social Security Releases 2013 Benefit Amounts 10/24/12

Social Security benefits increase 1.7%, and the taxable Wage Base for 2013 is $113,700.

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Governor Brown Signs Bipartisan Pension Reform Bill 9/12/2012

The governor has signed into law a pension reform bill.

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John Bartel Speaks at Public Retirement Journal’s Seminar 9/19/2012

Presentation available in PDF on the Articles page.

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NEWS RELEASE 06/25/12 by GASB

New GASB Pension Accounting Standards Approved.

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NEWS RELEASE 06/14/12 by California Healthline

CalPERS Board Approves Plan To Hike Premiums by an Average of 9.6% for 2013.

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NEWS RELEASE 03/12/12 by CalPERS

CalPERS Announces PEMHCA Minimum Contribution for 2013.

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