DFS-23 - San Bernardino County Superintendent of Schools

From: Melissa Anderson
Sent: Wednesday, August 29, 2012 7:50 AM
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Subject: CalPERS Responds to Proposed Pension Reform Legislation
Good morning, everyone!
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Last night, in response to the proposed pension reform legislation, CalPERS issued the following press
release:
Press Release
August 28, 2012
External Affairs Branch
(916) 795-3991
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs
Contact: Amy Norris, Information Officer
pressroom@calpers.ca.gov
CalPERS Acknowledges Legislature's Progress on Pension Reform Legislation
SACRAMENTO, CA – Rob Feckner, President of the California Public Employees' Retirement System (CalPERS)
Board of Administration, issued the following statement in response to pension reform legislation released today by
the legislative Conference Committee on Public Employee Pensions. The legislation reflects an agreement reached
between Governor Jerry Brown and legislative leaders.
"The Conference Committee’s proposed legislation is the result of a thorough process involving multiple hearings
across the State. We thank the Committee for its commitment to hear the views and ideas of all stakeholders and
wish to recognize those that have contributed to the process.
"According to news reports, many of the elements of the legislation announced today, including anti-spiking
legislation, a strong definition of pay rate, and prohibitions against retroactive pension enhancements, will go a long
way to ensure sustainability of the retirement fund, reduce abuse and add protections, ease administration, and
reduce pension costs over time.
"In the past few years the State and local governments have negotiated similar changes to lower near-term and
future costs that will result in significant savings over the next 30 years.
"The CalPERS Board will meet tomorrow to discuss the details of the Conference Committee’s legislation. Our staff
will review the actual bill language when it becomes available later today and provide a preliminary analysis as soon
as humanly possible. We remain committed to participating in the discussions to ensure that public employee
retirement plans continue to be sustainable, secure and cost-effective.”
CalPERS has assets of approximately $238 billion. It administers retirement benefits for more than 1.6 million
California State, local government, and public school employees, retirees, and their families on behalf of more than
3,000 public employers, and health benefits for more than 1.3 million enrollees. The average CalPERS pension is
$2,332 per month. The average benefit for those who retired in the most recent fiscal year that ended June 30,
2011, is $3,065 per month. For more information about CalPERS, visit www.calpers.ca.gov.
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So now we’ve heard from the Governor, CalSTRS, and CalPERS…We await additional details after the bill
language becomes available and both CalSTRS and CalPERS have had an opportunity to provide their
respective analyses.
Stay tuned…
Thanks,
Melissa
Melissa Anderson, Chief
District Financial Services
San Bernardino County Superintendent of Schools
760 E. Brier Drive
San Bernardino, CA 92408
(909) 388-5701
I have enough money to last the rest of my life…unless I buy something.
~ Jackie Mason
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