The California Public Employees’ Retirement System (CalPERS)
Investment Committee will be conducting an Asset Liability
Management Workshop on November 8th and 9th in
Sacramento.
Department of Industrial Relations Suspends Labor Compliance
Program Regulations
Last week, the California Department of Industrial Relations
(DIR) proposed taking emergency action to suspend the effects of
the new SB 2X 9 regulations relating to labor compliance programs
(LCP).
A new law that takes effect on January 1, 2011 will require two
new forms to be filed by employers and submitted to the
Employment Development Department (EDD). According to EDD, the
new forms, filed quarterly rather than annually, will allow EDD
to identify overpayment and delinquencies sooner.
Budget Trailer Bill Includes New Reporting Requirements for
CalPERS
SB 867, authored by Senator Dennis Hollingsworth and part of the
2010-11 state budget trailer bill package, reflects state efforts
to increase the transparency and oversight of public pension
systems. The measure requires the California Public Employees’
Retirement System (CalPERS) Board of Administration (Board),
whenever it adopts new contribution rates, including those rates
for counties contracting with CalPERS, to provide an actuarial
report to the Legislature, Governor and Treasurer.
Deadline Has Passed to Submit Mandatory Compensation Reports to
Controller
In our September 3 edition of The CSAC Bulletin,
we informed counties of the October 1 deadline for Controller
John Chiang’s new, mandatory reporting requirements for local
governments. The Local Government Compensation
Reporting Program is intended to collect salary, compensation and
benefit information for all elected, appointed and employed
personnel and will require cities and counties to include the
information for any staff to which they issue a W-2.
Like many of the bills to expand employee benefits that have come
before it, AB 2151 by Assembly Member Norma Torres sounds simple
enough. Under current law, peace officers and firefighters
do not report accidents that occur in safety vehicles to their
private insurance company. Well, of course not. A CHP
officer’s driving record should not be affected by an accident
that occurs while pursuing a suspect.
But here is where AB 2151 starts to veer off the road.
Members of the Senate and Assembly have introduced several bills
as a part of a legislative package addressing the public employee
compensation controversy stemming from the City of Bell. The
following is a summary of the bills as we expect them to be
amended. The summaries could change once the final language is
made available.
Disclosure of Elected Official and Public Employee Compensation
In the wake of the disclosure of excessive compensation paid in
the City of Bell, the Legislature is considering several bills to
require additional regulation and disclosure of total
compensation of elected officials and public employees.
AB 1955 (De La Torre) – Watch
As Amended on August 10, 2010
CalPERS to Include Analysis on Risks to Contribution Rates in
Annual Employer Valuations
The California Public Employees’ Retirement System (CalPERS) will
soon begin showing public employers how much their retirement
costs will rise if investment earnings fall short.
Governor Schwarzenegger Issues Order for More Furloughs for State
Workers
Following an announcement by Controller John Chiang that unless
legislators passed a budget soon, he would be forced to issue
IOUs beginning in either August or September, Governor
Schwarzenegger this week called for additional furloughs for
state employees. His decision comes a month after his previous
executive order for furloughs ended.
PRESIDENT OBAMA SIGNS UNEMPLOYMENT BENEFIT EXTENSION
President Barack Obama signed legislation yesterday to extend
unemployment benefits after the bill was caught in a stalemate
since May. The President’s signature will provide
retroactive unemployment benefits to those whose aid expired on
June 2, and extend through November the program that offers up to
99 weeks of unemployment assistance.
CalPERS Submits Application for Federal Early Retiree Reinsurance
Program Reimbursement Funds
On June 29, the California Public Employees’ Retirement
Association (CalPERS) submitted an application to the federal
government on behalf of all State and Public Employees Medical
and Hospital Care Act (PEMHCA) contracting agencies for Early
Retiree Reinsurance Program (Program) monies.
April 1, 2010 is National Census Day, when all census forms
should be returned to the US Census Bureau. The federal
government relies on census data to determine the number of
congressional seats each state is entitled to and to allocate
roughly $400 billion dollars in federal funds for health care
programs, roads, and schools.
Nationally, about 52 percent of Americans who’ve received census
forms have mailed them back already, but according to the U.S.
