[WEBINAR] Preparing for Changes in the “Vested Rights Doctrine” - Understanding Plan Design Options
[VIDEO] Legal Update: Is the California Rule in Flux?
[VIDEO] Pension Liability by the Numbers
[VIDEO] Perspectives: The Practical Effects of Today's Pension Programs
Earlier this month, the Kansas Public Employees Retirement System (KPERS) urged legislators to reject key aspects of “anti-ESG” bills introduced in the Kansas Senate and House of Representatives. Both bills are designed, in...more
We have written about the General Assembly’s Labor and Public Employees Committee’s final flurry of activity of approving and advancing bills out of committee. In addition to the bills that we have already summarized, here...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 a landmark decision of a unanimous court, on July 30, 2020, the California Supreme Court issued its second case in two years on the scope of the “California Rule,” Alameda County Deputy Sheriff’s Assoc. et al., v. Alameda...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
On April 15, 2020, the California Supreme Court scheduled oral argument in the much-anticipated California Supreme Court public retirement case, Alameda County Deputy Sheriff's Association, et al. v. Alameda County Employees'...more
Many governmental 457(b) deferred compensation and 401(a) defined contribution plan sponsors do not take full advantage of the contribution limits for these plans. To do this, you need to understand: the limits, who they...more
On December 12, 2019, the California Court of Appeal for the First Appellate District handed down a unanimous decision in Luke v. County of Sonoma, Sonoma County Employees’ Retirement Association, et al., affirming the...more
- Create a Plan Document... - Do not rely solely on special acts, ordinances, or collective bargaining agreements... - Reflect collectively bargained provisions... - Update contemporaneously to reflect changes in...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 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
The Situation: The Pennsylvania Legislature passed Act 5 in 2017, which, among other things, created the Pennsylvania Public Pension Management and Asset Investment Review Commission ("Commission"). The Commission was...more
The Pension Review Commission has determined its recommendations to improve the management and performance of the state’s largest public pension systems A Pennsylvania commission—tasked with evaluating and making...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
Pennsylvania's Commission was told at the September hearing regarding the PSERS and SERS probe that $3.8 billion in investment fees have gone unreported. The Commission in Pennsylvania that has been focusing on the...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
Seyfarth Synopsis: Although back pay has been awarded in Age Discrimination in Employment Act (ADEA) cases for quite some time, few courts have specifically addressed whether these damages are discretionary or mandatory. In...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
In the latest state appellate decision addressing the constitutionality of the California Public Employees’ Pension Reform Act of 2013 (“PEPRA”) and other recent pension reform legislation, Division One of the First District...more
California’s gap between promised employee benefits and available cash is wide and ever expanding. Ballooning pension costs and rising deficits are often in the spotlight. But commitments that California’s governing bodies...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