pensions

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Curtain Lifted on Pension Initiative

Byuclafaculty

Prior posts have alerted readers of this blog to a forthcoming public pension initiative.  The group that has been working on the initiative seems to have money for a campaign.  It takes $1-$2 million for signature gathering firms to get an initiative on the ballot.  If an initiative is controversial, it may take loads more money for TV advertising to mount a campaign. The initiative explicitly covers UC.  It has some ambiguous elements which we hope to unscramble.  Government employers are given the power to modify pensions and retiree health plans going forward for incumbent employees.  Note that the 2010…

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Public Pension Drumbeat Continues. UC Needs to Begin Planning for Staying Out of Planned Initiative

Byuclafaculty

On Saturday, we alerted blog readers to the coordinated campaign to get some kind of public pension “reform” initiative on the California ballot.  At issue on Saturday was a Stanford-Hoover MOOC, ostensibly about retirement investing, but which culminates in a program on public pensions. The pension drumbeat continues, at this point by articles on the issue. For example, a recent op-ed in the San Diego Union-Tribune goes on about various municipal bankruptcies but contains a suggestion for a constitutional amendment in California.  The legislature is not about to put such an amendment on the ballot so it could only by…

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More Pension Tension (from a Stanford-Hoover MOOC)

Byuclafaculty

Closed? Maybe it moved to Palo Alto. We have noted on this blog that there seems to be a move to get a public pension initiative on the ballot in California.  Although there have been previous efforts, there are signs that there may be money behind the current attempt.  “Coincidentally” – as they say – it appears that the Stanford Business School and the Hoover Institute are setting up a MOOC which on its face seems to be about general retirement issues such as how to invest your money.  But it somehow ends in a what-to-do-about-public-pensions program. From a media…

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UC Health Union Says It Will Take Strike Vote

Byuclafaculty

Union Demonstration against imposed terms, July 26, 2013 First, some legalities and background: Last summer, UC declared an impasse in its negotiations with AFSCME 3299, the union that held a two-day strike in the spring.  Under state law governing collective bargaining (a statute for UC and CSU known as HEERA), once an impasse exists, an employer can unilaterally impose terms and conditions.  Note that the determination of an impasse can be fuzzy.  In this case, the union filed unfair labor practice charges against UC in connection with the dispute and strike. The charges involve interrogation of particular employees about their…

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Fossils

Byuclafaculty

If you have listened to the public comment sessions at Regents meetings posted on this blog, you will have heard statements from a student group pushing the Regents to divest its pension and other portfolios from “fossil fuels.”  By this demand, the group – which is part of a national movement – appears to mean not just oil-coal-gas producers but also at least some major utilities.  We have noted that there are problems with using other peoples’ money to favor or disfavor particular political/social causes, partly involving the esoteric elements of finance and returns to the portfolio, but also the…

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Orchestration of Public Pension Issue? Issue for UC?

Byuclafaculty

In a prior post, we noted that there appeared to be a campaign underway by various groups to put a public pension initiative on the California ballot.  We noted that there have been such efforts in the past, but the money needed to mount an effective campaign wasn’t forthcoming.  Now, there may be such money.  The problem for UC is that we tend to be swept into such initiatives despite the fact that the Regents adopted their own pension plan changes back in 2010. This time around, there seems to be some coordination and orchestration of the campaign, e.g.: http://www.sacbee.com/2013/09/30/5782679/capitol-alert-cal-tax-estimates.html…

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The Arrival

Byuclafaculty

Today, the news media seem to be focused on the first day of school.  No, not the students’ first day.  Janet Napolitano’s. From the LA Times: Janet Napolitano begins her new job as University of California president Monday, promising to “listen and learn” about the many issues facing the sprawling 10-campus university system… During her first couple of weeks, she will review budgets and operations and meet with students, faculty, staff, campus chancellors, state elected officials and others, according to UC spokesman Steve Montiel. She will greet the headquarters staff at a reception Monday afternoon. Napolitano has stressed that “her…

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Possible Pension Initiative Which Would Include UC

Byuclafaculty

In a move to slash the retirement benefits of public employees in California, a group of mostly conservative policy advocates has been working behind the scenes on a possible 2014 ballot initiative. A copy of the still-secret draft initiative, which could dramatically impact the lives of hundreds of thousands of Californians and send a signal nationwide, has been obtained by Frying Pan News. If enacted, the proposed law would allow the state and local governments to cut back retirement benefits for current employees for the years of work they perform after the changes go into effect. Previous efforts to curb…

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Tension Over Pension

Byuclafaculty

From the LA Times: The already tense labor relations between the UC system and the union that represents about 8,300 custodians, gardeners and food service workers has taken a turn for the worse. After deadlocked negotiations, UC this week imposed terms that will require those workers to contribute 6.5% of their pay to retirement plans, up from the current 5%, while the university’s contribution jumps to 12% from 10%. UC says such changes are necessary to keep the pension system healthy and that most other UC employees already have agreed to the changes. In addition, newly hired workers will receive…

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UC Should Have an Interest in CalPERS Privacy Hearings

Byuclafaculty

As noted many times on this blog, the wholesale release online of payroll and pension data BY NAME is a violation of personal privacy of employees and retirees and raises the threat of ID theft.  No private universities are forced to release such data.  None would do it voluntarily.  Indeed, no private employers of any type – including the newspapers that provide such databases – would do it for their own employees (although they clearly have the data). Although UC has gone along with the wholesale disclosure of salary and pension data by name, a fuss has now been raised…