The Blog

Assembly Speaker, Retirement Committee Chair Pledge to Keep Teachers’ Pensions Secure

Accompanied by Assembly Public Employees, Retirement, and Social Security Chair Rob Bonta (D-Oakland), Assembly Speaker John Perez (D-Los Angeles) tells reporters at a Wednesday morning Capitol news conference that the Assembly is committed to having the California State Teachers’ Retirement System (CalSTRS) 100% funded.  The lawmakers said they would be convening hearings beginning Feb. 19 to determine the exact size of the currently unfunded liability and the proportion of increased contributions that should come from school districts, individual teachers, and the state to ensure the system’s continued viability. (Photo by Len Feldman.)

Assembly Speaker John Perez (D-Los Angeles) and Assembly Member Rob Bonta (D-Oakland) pledged during a Capitol morning news conference to fully fund the California State Teachers’ Retirement System and protect teachers’ retirements.  The legislators said all options are “on the table” except the “ostrich” option of pretending a problem doesn’t exist.

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The War Against California Pensions

Originally posted at fryingpannews.com

Benjamin Gamboa doesn’t know John Arnold, but they are linked by a shared concern over the fate of public-employee pensions in California.

“I’m proud to have a pension,” the 30-year-old Gamboa says. “I believe every American should have a pension.”

The two men live in very different worlds. Gamboa is a research analyst at Crafton Hills College in Yucaipa, California. Arnold is a hedge-fund billionaire from Houston, Texas.

There’s another difference between them: Arnold recently had a representative present at a secret “pension summit” held at a Sacramento hotel, where strategies to limit public employee retirement benefits were discussed; Gamboa, a union member, did not – representatives of labor were specifically not invited.

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