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Author: Olman Thomas Bohorquez (Jr.) Publisher: ISBN: Category : Languages : en Pages : 30
Book Description
California enhanced the public pension plans it provides its employees at the end of the twentieth century without dedicating additional funding for those enhancements. When these pension plans began to experience significant underfunding after two economic downturns in the 2000’s, which were exasperated by these enhancements, the governor and legislature began to look into how to stem the funding crisis of these plans. With underfunding projected to grow significantly, the governor and legislature acted promptly to pass the Public Employees’ Pension Reform Act (PEPRA) of 2013. The intent of PEPRA was to stabilize pension plans by changing the formulaic calculation for new employees hired in the wake of this new law. By increasing the contribution rates, lengthening the age and years of services needed to retire, reducing the types of compensation to be used in calculating their retirement, and enacting more aggressive actuarial assumptions, the expectation was that pension costs would be reduced. The focus of this study will be to determine if the changes enacted with the passage of PEPERA have materialized in meaningful improvements to pension plan funding levels thereby alleviating the cost to public agencies so they can provide the mandated social services that taxpayers expect and need.
Author: Olman Thomas Bohorquez (Jr.) Publisher: ISBN: Category : Languages : en Pages : 30
Book Description
California enhanced the public pension plans it provides its employees at the end of the twentieth century without dedicating additional funding for those enhancements. When these pension plans began to experience significant underfunding after two economic downturns in the 2000’s, which were exasperated by these enhancements, the governor and legislature began to look into how to stem the funding crisis of these plans. With underfunding projected to grow significantly, the governor and legislature acted promptly to pass the Public Employees’ Pension Reform Act (PEPRA) of 2013. The intent of PEPRA was to stabilize pension plans by changing the formulaic calculation for new employees hired in the wake of this new law. By increasing the contribution rates, lengthening the age and years of services needed to retire, reducing the types of compensation to be used in calculating their retirement, and enacting more aggressive actuarial assumptions, the expectation was that pension costs would be reduced. The focus of this study will be to determine if the changes enacted with the passage of PEPERA have materialized in meaningful improvements to pension plan funding levels thereby alleviating the cost to public agencies so they can provide the mandated social services that taxpayers expect and need.
Author: Brian Flinn (Graduate student) Publisher: ISBN: Category : Languages : en Pages : 31
Book Description
Since the great recession of 2009, public employee pensions were put under the microscope after full-blown scandals revealed severe ethical questions regarding public pensions. This opened a Pandora's box of issues related to public pensions, such as how much of the general fund was contributed to ensuring that public employee's pensions promised to them had the financial wherewithal to continue supporting those who are drawing off them. In addition, it shed light on how the California Public Employee Retirement System (CalPERS) discounted rates that each member agency paid to CalPERS and the subsequent effect that those discounts had when the economy was bullish. This gave rise to the Public Employee Pension Reform Act of 2013 (PEPRA). PEPRA required employees to pay more for their pensions for the contractual liabilities that CalPERS had to pay. This study intends to gauge whether or not there's a better way forward for both employees and the governments they serve. Can fledgling governments afford to provide essential services without the restrictive CalPERS costs, or is there something out there that can give competitive pension benefits and be cost-effective so that the cost of delivering government services is not compromised? The information could provide additional data for newly formed cities attempting to determine their future financial sustainability.
Author: Kerianne Steele Publisher: ISBN: Category : Employee rights Languages : en Pages : 159
Book Description
The far-reaching Public Employees' Pension Reform Act radically transformed the legal landscape regarding public employee pensions. CPER's new, third edition of our PEPRA guide covers the latest developments since the Act took effect in 2013 ... The PEPRA guide also includes the statutory language of the Act, pertinent Government Code and Education Code sections, a glossary of terms, and an index."--Publisher's web site.
Author: Vanessa Alfaro Publisher: ISBN: Category : Languages : en Pages : 25
Book Description
This paper uses an analytical framework of policy process to examine the passage of the Public Employees' Pension Reform Act of 2013 in California and evaluates its effect on the state's pension debt.
Author: James Wooten Publisher: Univ of California Press ISBN: 0520931394 Category : Medical Languages : en Pages : 433
Book Description
This study of the Employee Retirement Income Security Act of 1974 (ERISA) explains in detail how public officials in the executive branch and Congress overcame strong opposition from business and organized labor to pass landmark legislation regulating employer-sponsored retirement and health plans. Before Congress passed ERISA, federal law gave employers and unions great discretion in the design and operation of employee benefit plans. Most importantly, firms and unions could and often did establish pension plans that placed employees at great risk for not receiving any retirement benefits. In the early 1960s, officials in the executive branch proposed a number of regulatory initiatives to protect employees, but business groups and most labor unions objected to the key proposals. Faced with opposition from powerful interest groups, legislative entrepreneurs in Congress, chiefly New York Republican senator Jacob K. Javits, took the case for pension reform directly to voters by publicizing frightening statistics and "horror stories" about pension plans. This deft and successful effort to mobilize the media and public opinion overwhelmed the business community and organized labor and persuaded Javits's colleagues in Congress to support comprehensive pension reform legislation. The enactment of ERISA in September 1974 recast federal policy for private pension plans by making worker security an overriding objective of federal law.
Author: California. Legislature. Assembly. Public Employees, Retirement & Social Security Committee Publisher: ISBN: Category : California Languages : en Pages : 72
Author: Olman Thomas Bohorquez (Jr.)
Author: Olman Thomas Bohorquez (Jr.)
Author: Kerianne Steele
Author: Brian Flinn (Graduate student)
Author: Kerianne Steele
Author: Vanessa Alfaro
Author: James Wooten
Author: California. Legislature. Senate. Public Employment and Retirement Committee
Author: Commission on California State Government Organization and Economy
Author: California. Public Employees' Retirement System
Author: California. Legislature. Assembly. Public Employees, Retirement & Social Security Committee