As the harsh realities of the coronavirus pandemic, along with its widespread impact on all aspects of daily life, continue to shock and numb us all, many cities have already been identified as “high risk” from a financial...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
With very few exceptions, the rules governing governmental 457(b) plans require a “severance of employment” to occur before a distribution can be made. Recently, we came across yet another of those arcane, little-known rules...more
10/9/2019
/ 457(b) Plans ,
CalPERS ,
Distribution Rules ,
Employee Benefits ,
Hiring & Firing ,
Labor Regulations ,
Public Agencies ,
Public Benefits ,
Retirement Plan ,
Severance Agreements ,
Termination
To prepare for and manage significantly increased CalPERS employer contribution rates in the coming years, California public agencies approved the establishment and funding of so-called “pension rate stabilization trusts.” ...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
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
7/13/2018
/ 401k ,
403(b) Plans ,
CA Supreme Court ,
CalPERS ,
Compensation & Benefits ,
Defined Benefit Plans ,
Employee Benefits ,
Public Employees ,
Retirement Plan ,
State and Local Government ,
Vested Rights Doctrine