ucrp

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And still more on the pension cabalistas…

Byuclafaculty

From Salon.com:  [excerpt]  10-23-13 Less than a year ago, the Wall Street Journal alerted its national readership to what was happening in the tiny state of Rhode Island. In a story headlined “Small State Gets Big Pension Push,” the paper noted that the state’s “rollback of public-employee retirement benefits has turned (it) into a national battleground over pensions.” With the help of billionaire former Enron trader John Arnold and his partnership with the Pew Charitable Trusts, conservative ideologues and Wall Street profiteers who engineered Rhode Island’s big pension cuts were looking to export those “reforms” to other states. Now, after…

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Anti-Pension Cabal? Smells that way

Byuclafaculty

We have noted in past posting on the filing of a public pension initiative that there appeared to be a good deal of “coordination” in the effort, including a Stanford-Hoover MOOC (online course) on personal investments that somehow ends with a session on public pensions.  There appeared to be more involved than a few California mayors who are the official face. The fact that UC is swept into the initiative – although it is not a city and has its own set of pension modifications adopted by the Regents in 2010 – seems to be evidence of a larger agenda….

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More Let Me Outta Here Re: Pension Initiative

Byuclafaculty

I want out! Yours truly has been posting about the recently filed public pension (and retiree health care) initiative which covers UC.  UC needs a strategy including first attempting to see if the sponsors will amend it or file a revised version that omits UC.  This is a political battle it would be best to avoid if possible. The initiative has the potential to become a “symbol” of intergenerational conflict as a recent article in calpensions.com points out.  Once things become symbols of something that goes beyond the issue at end – think “ObamaCare” – the pros and cons get…

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Let’s Start With This Idea on the Pension Initiative: One Size Doesn’t Fit All

Byuclafaculty

Don’t buy it. Editorial: The pension (and retiree health) initiative on which we have been reporting on this blog sweeps in UC for no particular reason.  Yet all the propaganda concerning it so far deals with mayors and cities.  UC has no mayor and isn’t a city. Were the Regents consulted by initiative proponents?  Was anyone at UCOP consulted?  Anyone at UC at all?  Yours truly sincerely doubts it.  Did anyone in the group pushing the initiative look at such issues as faculty recruitment, compensation, or any other UC issue?  Did they look at the issue of the constitutional autonomy…

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Pension Initiative Backstop

Byuclafaculty

We have been covering the pension initiative that has now been filed with the state and, in an earlier post, discussed some key elements of the initiative (including the coverage of UC).  An interesting element in the initiative is a provision that provides for defense in court of the initiative by private parties.  It is quite likely that if the initiative passed, it would be challenged in court.  And the attorney general might well refuse to defend it, given the politics of the initiative. In the case of Prop 8 – the anti-gay marriage initiative – the attorney general did…

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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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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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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…