In response to Judge Klein’s opinion approving Stockton’s bankruptcy plan today, leading pension attorney Teague Paterson of Beeson, Tayer & Bodine, who filed an amicus brief for Peace Officers Association of California in this case, has made the following statement:
By Jack Ehnes
By creating the illusion of a catastrophic pension crisis, pension critics would have you believe that the only way to create a sound and sustainable retirement savings program is to move away from a defined benefit pension, preferably replaced with a defined contribution or perhaps none all. Many recent studies, media articles and now a new ballot initiative are based on the same flawed logic.
by Carolyn Constantino
A new website reveals that Enron-billionaire John Arnold has spent up to $50 million of his own fortune to dismantle retirement plans for firefighters, nurses, teachers and other public employees.
By Tim Reid
Public worker unions and others who back traditional pensions over 401(k)-style plans got ammunition on Tuesday from a new study that shows U.S. state governments that made the switch did not achieve the predicted savings but rather lost money.
The National Institute on Retirement Security (NERS), a non-profit group that has defended traditional public pensions, issued case studies on three states that switched to 401(k)-style defined contribution retirement plans.
Conclusions on the implications of the Stockton bankruptcy.
Statement from Dave Low, Chair, Californians for Retirement Security, on October 30 Stockton decision:
Statement of Dave Low, Chairman, Californians for Retirement Security, a coalition of more than 1.2 million teachers, police officers, firefighters, school employees, retirees, and other public employees:
SACRAMENTO, CA - More than $30 billion in economic activity was generated by retirement benefits paid by the State’s pension fund, according to a study released by the California Public Employees’ Retirement System (CalPERS).
Contact: Steven Maviglio, 916-607-8340
Statement of Dave Low, Chairman, Californians for Retirement Security, on Court Ruling on Chuck Reed's Statewide Pension Measure
"This decision simply affirms what Mayor Reed and his allies have publicly proclaimed: the real purpose of the mayor’s attack on retirement security is to eliminate the vested pension rights of teachers, firefighters, public safety officers and millions of other hard working Californians.
Contact: Steven Maviglio, 916-607-8340
78% Reject It After Learning It Eliminates the Vested Retirement Benefit of Public Employees
Sacramento – By wide margins, California voters are opposed to key provisions in San Jose Mayor Chuck Reed’s proposed ballot measure that would eliminate the vested benefit rights of public employees, according to new data released today by Washington, D.C.-based pollster Garin-Hart-Yang.
