Pension Update – CSFA’s weekly round-up of public pension news and comment

Here is a weekly round-up of news and opinion on the pension issue. Stay informed on this important issue and pass these on to neighbors and colleagues.

California Stories

John Moorlach: Here's why Brown's plan to prepay CalPERS is smart (Redding Record Searchlight)
http://www.redding.com/story/opinion/columnists/2017/05/16/heres-why-browns-plan-prepay-calpers-smart/101757260/

Ex-Mercy Health CIO to lead Orange County pensions (Institutional Investor)
http://www.institutionalinvestor.com/article/3717959/investors-pensions/ex-mercy-health-cio-to-lead-orange-county-pension.html#.WRxgChPyv6Y

Grand jury focuses on pension and audit issues (Redding Record Searchlight)
http://www.redding.com/story/news/local/2017/05/16/grand-jury-focuses-pension-and-audit-issues/101746372/

Gov. Brown’s Proposed $6 billion Pension Payment is a Bad Investment (Fox & Hounds)
http://www.foxandhoundsdaily.com/2017/05/gov-browns-proposed-6-billion-pension-payment-bad-investment/

Editorial: Playing catch-up on public pension funding (LA Daily News)
http://www.dailynews.com/opinion/20170515/playing-catch-up-on-public-pension-funding

CalPERS officials say combining private, global equity benchmarks would help staff (Pensions & Investments)
http://www.pionline.com/article/20170515/ONLINE/170519915/calpers-officials-say-combining-private-global-equity-benchmarks-would-help-staff

Here's how (and why) the state is making a $12-billion pension payment next year (LA Times)
http://www.latimes.com/politics/la-pol-sac-road-map-california-pensions-payment-20170514-story.html

San Diego using loophole to hand out large raises during pay freeze (San Diego Union Tribune)
http://www.sandiegouniontribune.com/news/politics/sd-me-raise-pension-20170511-story.html

National Stories

ILLINOIS LAWMAKERS ATTEMPT TO BAIL OUT CHICAGO PUBLIC SCHOOLS YET AGAIN (Illinois Policy)
https://www.illinoispolicy.org/illinois-lawmakers-attempt-to-bail-out-chicago-public-schools-yet-again/

Illinois House committee approves sweeping pension bills (State Journal Register)
http://www.sj-r.com/news/20170516/house-committee-approves-sweeping-pension-bills

How Puerto Rico Is Grappling With a Debt Crisis (New York Times)
https://www.nytimes.com/interactive/2017/business/dealbook/puerto-rico-debt-bankruptcy.html

Mich. GOP leaders still focused on pensions after revenues revised (AP)
http://www.crainsdetroit.com/article/20170516/NEWS01/170519859/gop-leaders-still-focused-on-pensions-after-revenues-revised

States to persist with secure choice (Pensions & Investments)
http://www.pionline.com/article/20170515/PRINT/305159977/states-to-persist-with-secure-choice

How Technology Can Solve America’s Twin Pension Crises (The Fiscal Times)
http://www.thefiscaltimes.com/Columns/2017/05/15/How-Technology-Can-Solve-America-s-Twin-Pension-Crises

The Pension Storm Cometh (The American Interest)
https://www.the-american-interest.com/2017/05/15/the-pension-storm-cometh/

Missouri Legislature passes public worker pension changes (AP)
http://www.newstribune.com/news/missouri/story/2017/may/12/missouri-legislature-passes-pension-changes/673768/

R.I. Retirement Board lowers expected investment gains (Providence Journal)
http://www.providencejournal.com/news/20170515/ri-retirement-board-lowers-expected-investment-gains

Judge Upholds Tax to Fund Jacksonville, Florida Pension (Chief Investment Officer)
https://www.ai-cio.com/news/judge-upholds-tax-fund-jacksonville-florida-pension/

Op-ed: Time for Pa. to stop paying fat pensions to criminals (Philadelphia Inquirer)
http://www.philly.com/philly/columnists/john_baer/Baer-pension-reform-pennsylvania-criminal-mellow.html

US faces crisis as pension funding hole hits $3.85tn (Financial Times)
https://www.ft.com/content/f2891b34-3705-11e7-99bd-13beb0903fa3

Dozens of bills aim to benefit public employees at taxpayers’ expense (New York Post)
http://nypost.com/2017/05/14/dozens-of-bills-aim-to-benefit-public-employees-at-taxpayers-expense/

DEMOCRATIC HOPEFULS DISMISS SCHEME TO FUNNEL LOTTERY PROFITS INTO PENSIONS (NJ Spotlight)
http://www.njspotlight.com/stories/17/05/14/democrats-hopefuls-dismiss-christie-scheme-to-funnel-lottery-profits-into-public-pensions/

Freeholder candidates discuss pension obligations (New Jersey Herald)
http://www.njherald.com/article/20170512/ARTICLE/170519993