News

Dear Legislators,

California’s unemployment rate (7.5 percent) is the second highest in the nation and 44 percent higher than the national rate (5.2 percent).

California’s 120 state legislators have responsibility over 29 legal codes that govern daily life:

Under SEC rules, investment advisors who do work for state and local pension funds can be disqualified if they make political contributions at certain levels to elected officials or candidates for those offices who have a say in the public pension decisions to contract with investment advisors. That’s a good thing because public pension funds such as CalPERS and CalSTRS enter into money management contracts the objectives of which should be to protect pension beneficiaries and taxpayers, not to enrich Wall Street.

Dear Legislators,

Earlier this week I easily applied online for a REAL ID and the next day smoothly completed the procedure in person at a DMV office. The process was painless and DMV staff were kind.

In June the governor and legislature quietly granted an unwarranted $500 million per year salary increase to state prison guards using a loophole inserted into state code in 1981.

CA Gov. Code Section 19826 deals with “Administration of Salaries” amounting to $20 billion per year.

Today marks the date by which third quarter estimated income tax payments are due in California. Some of the money will go to a $500 million per year salary increase awarded in June to prison guards by the Legislature and Governor without complying with state law.

Dear Legislators,

If ever there was a bill that was inappropriate for rushed deliberation on a gut-and-amend basis but perfectly appropriate for un-rushed deliberation, it is AB 826. But don’t take our word for it — Ventura itself makes that case.

At the request of the Carla and David Crane Foundation, we examined a wide range of potential changes to CalPERS pension benefit policies for state plan members, without regard to legal or political feasibility. We modeled these changes for plans for state members of PERF A in CalPERS, whose assets account for approximately 52 percent of PERF A assets and 37 percent of CalPERS assets. The estimates we give below are based on this subset of CalPERS. If policies were applied to the entire CalPERS, the impacts on employer contributions would be about 2.7 times as large as described below, assuming the impacts on non-state- member plans are proportional.