so what am I gonna do for the 4th of July? I can't go into Santa Barbara because I might be killed by a gang member. I can't go down to Linden Ave because the Carp City Council couldn't put together a show..after SIX months on the burner, they failed to cook up a plan... No wonder the streets never get paved!Now, I know things take time, you got competitve bids, schedules, kids, people, parties, work.. alot to deal with..but, the City Of Santa Barbara puts on a show every year without much fanfare..maybe the City of Carp should communicate with the City of Santa Barbara, get some pointers, instead of trying to sling mud at the city council! What a concept! a spirit of cooperation..but no..what would the News-Press say...
and now this a ham-handed segue...
Don't Touch Andy's pension!!
who deserves more money: a Public Works director, a sheriff, or a newspaper editor? would you rather work for a living, or get a payoff from a divorce settlement? I mean, who is the News-Press trying to fool when it prints salaries and benefits of city workers?Don't let them raid your PERS pension or pick your pocket..because that's what the private sector wants to do.. many former California governors like Pete Wilson tried it, Arnold tried it, but PERS is strong due to employee involvement, diversification, and political clout...conservatives hate that!!! If you put in 20-30 years in a civil service, pay into YOUR OWN RETIREMENT account, you deserve every penny and interest growth on that penny from smart investments...and you deserve a great retirement..the private sector hasn't learned a thing from all the fraud and mismanagement corporations have wrought on the working class...this business model of greed and no taxes is dead...so when city council candidates say they want to run the city like a business, this is just code for anti-union speak... look at Arnold..due to lack of leadership, he is in panic mode, trying to get quick cash anywhere he can. He could have raised taxes on select groups, busted Enron instead of enabling them, and cut waste..but he didn't..remember that come election time.
Deja vu...seems the neocons are always in office when the deficits grow!
Q&A
In 1991, the legislature and Governor Pete Wilson tried to raid the CalPERS fund to cover a state budget deficit?
Basically, the state had a $14 billion deficit, and was desperately trying to figure out how to deal with it. One of the things they tried to do is stop making contributions to some CalPERS accounts, such as cost of living increases. The state had tried to raid CalPERS before in 1982 and 1986, similarly by stopping the contributions. But in 1991, you have Assembly Bill 702, and with that the governor tried to go beyond raiding CalPERS and take control of CalPERS. The governor was going to re-organize the board and have the authority to appoint the actuary, and have the actuary answer to the governor. That would have been a significant change. CalPERS and others reacted very quickly. In 1992 you had Proposition 162, which passed and formally and specifically gave plenary authority and fiduciary responsibility to the CalPERS board. It made it specifically very clear that the governor didn’t have control over the administration of the fund.
Was it the California State Employees Association which was the most active force behind Proposition 162?
CSEA is certainly there. CSEA is certainly interested. Under an earlier name, they were the group that got a retirement system instituted in the first place.
What happened next that was significant?
During the 1990s, CalPERS investment returns are huge. During that period they become more active in international markets. They develop an international corporate governance program.
With CalPERS now being so large, where, if anywhere, do you perceive the risks to the fund to be?
I think CalPERS is so big right now that if an event was devastating enough to create a risk to the fund, the risk would be to much more than just the fund. Because it’s a highly diversified investment portfolio and they’re so smart at investing that they are an index themselves. I think their riskier times were earlier when they were really branching out with their investments. But it’s an amazing organization because it’s essentially a state organization that’s investing in corporate America and able to influence practices in corporate America.
In 1991, the legislature and Governor Pete Wilson tried to raid the CalPERS fund to cover a state budget deficit?
Basically, the state had a $14 billion deficit, and was desperately trying to figure out how to deal with it. One of the things they tried to do is stop making contributions to some CalPERS accounts, such as cost of living increases. The state had tried to raid CalPERS before in 1982 and 1986, similarly by stopping the contributions. But in 1991, you have Assembly Bill 702, and with that the governor tried to go beyond raiding CalPERS and take control of CalPERS. The governor was going to re-organize the board and have the authority to appoint the actuary, and have the actuary answer to the governor. That would have been a significant change. CalPERS and others reacted very quickly. In 1992 you had Proposition 162, which passed and formally and specifically gave plenary authority and fiduciary responsibility to the CalPERS board. It made it specifically very clear that the governor didn’t have control over the administration of the fund.
Was it the California State Employees Association which was the most active force behind Proposition 162?
CSEA is certainly there. CSEA is certainly interested. Under an earlier name, they were the group that got a retirement system instituted in the first place.
What happened next that was significant?
During the 1990s, CalPERS investment returns are huge. During that period they become more active in international markets. They develop an international corporate governance program.
With CalPERS now being so large, where, if anywhere, do you perceive the risks to the fund to be?
I think CalPERS is so big right now that if an event was devastating enough to create a risk to the fund, the risk would be to much more than just the fund. Because it’s a highly diversified investment portfolio and they’re so smart at investing that they are an index themselves. I think their riskier times were earlier when they were really branching out with their investments. But it’s an amazing organization because it’s essentially a state organization that’s investing in corporate America and able to influence practices in corporate America.
HANDS OFF!!
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