Posts tagged California Public Employee’s Retirement System
For California’s largest public union, telework poses challenge — and opportunity
April 15, 2025 // SEIU Local 1000’s leaders in recent years have struggled to stem a decline in the percentage of members who pay dues. The group represents roughly 95,000 state workers, which includes accountants, nurses and custodians. Fewer dues-paying members in their ranks means less sway at the bargaining table and with state leaders.
Commentary: CalPERS takes unnecessary risks that could cost taxpayers
February 3, 2025 // When CalPERS fails to meet its expected investment returns, California’s state and local governments—meaning taxpayers—are solely responsible for covering the resulting shortfall. Public pension liabilities are legally binding. There is no defaulting on them. Consequently, when public pension system investments underperform, government employers—again, taxpayers—must cover the gap.
Foxx Expands Investigation of Biden-Harris Scheme to Use Pension Assets for Big Labor
July 31, 2024 // “The Committee on Education and the Workforce (Committee) is investigating attempts by the Biden-Harris administration and certain pension funds to leverage retirement assets for the benefit of organized labor. The Internal Revenue Code (Code) makes public pensions eligible for significant tax subsidies if, among other things, their benefits are part of a plan ‘for the exclusive benefit of [an employer’s] employees or their beneficiaries.’ The Committee seeks information to determine whether the law is being undermined by the Biden-Harris administration and violated by certain pension funds. … The Internal Revenue Service (IRS) has an obligation to enforce the provisions of the Code to ensure that taxpayers are not improperly subsidizing a retirement plan that does not, in fact, comply with the Code’s exclusive benefit requirement. To the extent that CalPERS is using plan assets for the benefit of social or political causes, the plan’s tax status is no longer valid.”
Biden helps unions attack California pension…
December 13, 2021 //
SEIU Leader Suspended For Six Months Following $44,000 Time Sheet Fraud
November 29, 2021 // Tony Owens, the former Vice President of Bargaining for the Service Employees International Union (SEIU) Local 1000 in Los Angeles, was suspended for six months without pay from his California Public Employee’s Retirement System (CalPERS) on Monday following an investigation that found that he had committed $44,000 worth of time sheet fraud last year.