[WEBINAR] Preparing for Changes in the “Vested Rights Doctrine” - Understanding Plan Design Options
[VIDEO] Pension Liability by the Numbers
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
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
In March, I wrote about AB 2571 which would have prohibited public pension fund investments in alternative investment vehicles that lacked race and gender pay equity policies. Yesterday, the bill was amended to require...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
Best Best & Krieger LLP Partner Isabel Safie recently represented two special district clients in mitigating potential negative impacts related to CalPERS findings....more
On February 27, 2017, the California Public Employees’ Retirement System (“CalPERS”) filed its brief with the Supreme Court, requesting that the Court reverse the decision of the Second Circuit and abrogate the Second...more
On December 30, 2016, Division Three of the First District Court of Appeal (“DCA”) issued a unanimous published decision in Cal FIRE Local 2881, et al. v. CalPERS, et al. (Dec. 30, 2016, A142793) (“CalFIRE Decision”)...more
On August 24th, the California Legislature approved Assembly Bill No. 2833 (“AB 2833”), which is now headed to Governor Jerry Brown’s desk for signature. If Governor Brown signs the bill, as is expected, all public pension...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
Yesterday, UCLA Law School Professor Stephen Bainbridge noted the publication of a recent study that reaches some devastating conclusions for public pension funds. The study by Professor Tracie Woidtke at the University of...more
“Fair is Foul, and Foul is Fair” - In this press release issued last week, CalPERS congratulated itself on the “success” of its proxy voting initiatives:...more
In a February 4, 2015 opinion, the bankruptcy judge presiding over Stockton, California's Chapter 9 municipal bankruptcy case approved Stockton's bankruptcy plan of adjustment. In re City of Stockton, 2015 Bankr....more