BB&K's Isabel Safie Discusses the Implications of IRS’ Definition of Governmental Plan Status
Bill on Bankruptcy: Stockton May Win the Battle, Lose the War
The constitutionality of California’s felony forfeiture statute, as applied by the Board of Administration of the California Public Employees’ Retirement System (CalPERS), survived yet another challenge in September 2023,...more
Last month, the Securities and Exchange Commission announced that it was proposing a new rule under the Exchange Act. In an accompanying "fact sheet", the SEC said that it was doing so "to increase transparency and...more
SB 278 Imposes Increased Statutory Liability for CalPERS Reporting Errors - SB 278 was signed into law on Sept. 27, adding Government Code section 20164.5. Section 20164.5 imposes new liability on employers when CalPERS...more
Modifications Are Permissible Under the California Rule - In a unanimous decision, the California Supreme Court held that changes made to the County Employees’ Retirement Law, known as CERL, by pension reform measures...more
In February, I penned this post about some of Nevada's historic rural courthouses. Recently, I visited Goldfield, Nevada. Although Goldfield is the county seat of Esmeralda County, it has no gas station and no supermarket. ...more
The California Public Employees Retirement System (aka CalPERS) is the largest defined-benefit public pension in the United States. It is governed by a Board of Administration that consists of 13 members who are elected,...more
With overall required contribution rates increasing at an alarming rate, most CalPERS employers – particularly those with significant “classic” safety populations – are looking for help to pay for these obligations....more
The CalPERS Board of Administration will not consider whether to establish the Tracy Fuller decision as a CalPERS precedent, we have confirmed. While the decision to not pursue Fuller as a precedential decision is welcome...more
The California Supreme Court recently issued its decision in the Cal Fire Local 2881 v. CalPERS case – the first of six so-called “California Rule” (“Vested Pension Rights”) cases pending before the Court. The California...more
As expected, the California Supreme Court affirmed the appellate court’s holding in Cal Fire Local 2881 v. California Public Employees’ Retirement System et al., concluding that the plaintiffs did not have a vested right to...more
In a much awaited announcement, on November 8, 2018, the California Supreme Court scheduled oral argument in CalFire Local 2881, et al. v. CalPERS, et al., which is the first of the five pending vested rights cases that are...more
Gov. Jerry Brown vetoed legislation that would have imposed significant liability on CalPERS employers for errors in their CalPERS reporting which result in post-retirement pension reductions....more
It’s a big litigation year for California pensions. The California Supreme Court ruled last month that San Diego’s landmark pension cutback legislation, Proposition B, was illegally placed on the 2012 ballot because city...more
California’s cities are in crisis mode. With pension costs outpacing revenue growth and severely underfunded retirement systems (the California Public Employee Retirement System is only 68 percent funded), local...more
To ensure adequate staffing levels while responding to recent natural disasters in California, the California Public Employees’ Retirement System has modified the 960-hour limitation related to retired annuitants employed in...more
Two new California laws could result in costly fines to public agency employers who fail to adhere to the specified requirements. Assembly Bills 1487 and 1309 both went into effect Jan. 1....more
Public pension funds exist to provide retirement benefits to public employees. Cal. Const. Art. XVI, § 17(a). In 1992, the voters of California tried to eliminate political interference with the state’s retirement funds by...more
A few weeks ago, CalPERS’ Director of Corporate Governance, Anne Simpson, sent a letter to the Securities and Exchange Commission in support of the SEC’s proposed pay for performance disclosure rule. Her letter notes CalPERS’...more
The Securities and Exchange Commission has given notice of its intent to adopt final pay ratio disclosure rules at its meeting next week. In applauding the SEC’s proposed rules, the California Public Employees’ Retirement...more
The California Public Employees’ Retirement System has a well-deserved rap as a taxpayer drain. So to rehabilitate its image, the pension fund has produced a “study” purporting that public-worker pensions are California’s...more
It’s Good Work, If You Can Get It According to a story by Michael D. Morois, the California Public Employees’ Retirement System recently doubled bonuses to its staff, paying an aggregate of $7.7 million to some 130...more