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The California Rule is a legal doctrine requiring that government workers throughout the state of California receive the pension benefits that were in place on the day they were hired, and that those benefits cannot be reduced (though they can be increased); meaning that mandatory employee contributions cannot be increased, nor can cost-of-living allowances be decreased, not even for not-yet ...
For fiscal year (FY) 2011–12, LACERA's fiscal-year-to-date return on investments was 0.10%; the FY 2010-11 return was 20.40%. [14] Over the past 15 years, each LACERA pensions has been funded as follows: [1] 75% – funded by returns on investment income; 15% – funded with employer (County) contributions
The measure was passed by the voters. CCCERA began functioning on July 1, 1945. As of 2008, 20 of California's 58 counties have retirement systems that follow the stipulations of the ’37 Act. The service retirement, disability, death and survivor benefits provided by CCCERA are administered by a 12 member Board of Retirement.
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In a search for higher returns, institutional investors such as pensions and insurance companies pumped money into big funds run by private equity and other firms that became ever-larger landlords.
California Government Code, Title 2, Division 5, Parts 3-8 (i.e., Sections 20000–22970.89). [43] Among other parts, Part 3 covers the administration of the retirement system including membership, contributions, and benefits; and Part 5 covers the Public Employees' Medical and Hospital Care Act on health benefits. [44]
Recession fears raise risks for California's public pension funds.
CalSTRS was established by law in 1913 and is part of the State of California's Government Operations Agency. As of September 2020, CalSTRS is the largest teachers' retirement fund in the United States. CalSTRS is also currently the eleventh largest public pension fund in the world. [2]