Analysis of County Pension Funds & Mendocino County's Unfunded Pension Debt
County Pension Funds in California
Twenty one counties in California don't participate in CalPERS - they have their own separate Pension Funds; twenty are organized under the County Employee Retirement Law (CERL), sometimes called the “1937 Act”. San Luis Obispo is in a legal category by itself. These are the 20 CERL counties....
Mendocino County's Pension Debt
The Fund Mendocino County's Pension Fund averaged 80% funded. Would have been 60% without the Pension Bonds. can't make investment profits on money it doesn't have. It averaged 80% funded. Even though the Fund earned less than its target rate, it did earn approximately 6.5%. Had the Fund been....
Pension Expenses
If you know this stuff skip to "Pension Expense" below. This is my way of explaining what an "Income Statement" is. Revenue is a way of obtaining resources in a way you don't have to pay back. If you have more Revenue than Expense - the expense represents a "using up" of resources that you won't get back directly - but since you obtained more resources than you "lost" then you have replaced the resources - and then some....
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We produce more or less monthly newsletters about two subjects. The financial impact of unfunded pensions on the 21 California counties that don't participate in...
Borrowing in Retirement: A Guide for Pensioners
However, post-retirement life usually means freedom and leisure, but unforeseen expenditures can ruin such moments. From time to time, we all need help paying for a dream holiday, urgent home maintenance, or assisting our families through difficult times...
CALIFORNIA PUBLIC EMPLOYEES’ PENSION REFORM ACT
The California Public Employees’ Pension Reform Act was passed 8/31/12 and signed into law the following month. All but one significant provision affects only new employees. It will take 15 years to produce noticeable improvement. It does next to nothing ...
TRUTH IN NUMBERS
A robust state retirement system plays a critical role in recruiting and retaining talented employees on whom we depend for quality public services, such as teaching in our schools, fixing our roads, protecting our environment, policing our streets and highways...
Government Financial Reporting of Pension Finances
The Governmental Accounting Standards Board (GASB) voted to approve new standards that make very major changes in how state and local governments in the United States will report the finances of their pension benefits...