August 5, 2020

In the long-awaited California State Supreme decision, the ‘California Rule’ has been upheld. The basic tenet that your pension, when hired, must be as valuable when you retire is still in place. The decision also upheld the 2012 Pension Reform Act (PEPRA) provision that eliminated ‘spiking’ of pensions by stuffing unused leave time into the final-year pay. In other words, only basic pay can apply to your pension calculation.

Al Darby

August 11, 2020

A CalPERS bill, AB 2473, that RPEA opposed has been withdrawn by CalPERS.  This legislation would have allowed almost complete secrecy about CalPERS private loan program.  Had this bill passed, beneficiaries of CalPERS would be unable to use the California Public Records Act (CPRA) to learn the terms of the loans and the performance of these loans.  The lobbying efforts of RPEA’s Legislation Committee and the CalPERS Experts Committee were recognized by Foxes and Hounds (a financial publication) as important in causing this bill to be withdrawn.  There are many questions about the risks involved in private loan investments; loans that banks would not make.   

Al Darby
 

August 26, 2020

• Two State Supreme Court decisions preserve the “California Rule” – RPEA supported amicus briefs to retain the California Rule
• CalPERS “Pillar’s III and IV” of the 2019 Private Equity Plan were abandoned after opposition from RPEA and other retiree associations
• Many attempts to incorporate secrecy into CalPERS staff delegations were defeated or ordered to be revised – secrecy opposed by most retiree associations
• Withdrawn - AB 2473, a legislative proposal to allow almost complete secrecy about loans made by CalPERS in the new “More and Better Assets” investment plan (may be reintroduced in 2021).  RPEA was the clear leader in this effort
• San Benito County RPEA Chapter wins their court battle over retiree health care
• Several CalPERS health plan rates for 2021 were lowered even more after lobbying by RPEA and other retiree associations during the June CalPERS Board meeting

Al Darby

This election will be repeated due to the late notice of the withdrawal of one of the candidates.  This caused a number of votes to be cast for the withdrawn candidate.  Delegates to 2018 General Assembly (they are the eligible voters) will soon receive a new ballot with two candidate names on the ballot.  The results will be available October 2.

Al Darby