Topic: Retirement Security
CalSTRS pensions analyzed in light of GOP attacks
Teachers do much better with defined benefit plans than 401(k)s
Most public school teachers working today count on traditional pensions — which guarantee a monthly income based on age, salary and years of service — as their main source of financial security in retirement.
Pension battles shift from ballots to courts
Tracking the latest strategies that attack public employee pensions
For years, people have been trying to attack pensions with ballot propositions, said Doug Orr, an economics professor at City College of San Francisco and the chair of the of the CFT Retirement Policy Committee. Those propositions always go down in defeat, Orr said, and now those attacks on pensions are coming to the courts.
Retirees prepare to stand firm in a hostile new world
Social Security and Medicare targeted by majority party
Candidate Donald Trump told the American people he didn’t want to cut Social Security, but Republicans have opposed the system since its creation during the Depression.
CFT urges CalSTRS to divest from gun manufacturers now
New documentary film Gun-Free Retirement features CFT members
In April 2013, a few months after the shootings at Sandy Hook Elementary School in Connecticut that killed 20 children and six adult staff members, the board of California State Teachers’ Retirement System voted to divest from firms making weapons that are illegal to own in California. More than two years later, that hasn’t happened, and Joshua Pechthalt, president of the CFT, wants to make sure it does. Soon.
CalSTRS Board Member: Perspective on the shortfall
Volume 67, Number 3
CalSTRS reports that its unfunded liability grows by $22 million every day that nothing is done. While most California public pension funds can raise annual employer rates when they need more money, CalSTRS requires legislation to raise rates.
CFT advisory committee analyzing impact of CalSTRS funding gap
The Legislature has begun public hearings to address a $71 billion funding gap in the pension system for K-14 teachers. Without an increase in contributions, CalSTRS predicts its assets will be depleted in about 30 years.
Don’t sign! State initiative attacks public employee pensions
San Jose Mayor Chuck Reed is mounting a major attack on educators’ pensions. He has filed a voter initiative with the Secretary of State and may start collecting signatures in early 2014 to qualify it for the November ballot.
New employees to face reduced retirement benefits
Workers not yet hired will take biggest hit under law passed by legislators with no input from public employee unions
A new law passed in the final hours of the legislative session makes sweeping changes to public employee pensions that impose most of the changes on workers not yet hired, creating a two-tier system in the workplace where two groups of workers doing the same work receive different retirement benefits.
Brown signs bill to improve reporting for adjuncts
The governor signed CFT-sponsored SB 114. Authored by Sen. Leland Yee (D-San Francisco), this bill helps correct misreporting of part-time faculty work to ensure the right amount of retirement service credit.