Hey Guv! How about a billion for UCRP? Tuesday, January 11, 2022
CalPERS - which covers CSU employees and many others - is due for an infusion of funding under Gov. Newsom's new budget plan. So is CalSTRS. But UCRP? Nothing there. From the Sacramento Bee:
The State Worker California would kick in CalPERS debt payments ahead of schedule under Newsom proposal Wes Venteicher, 1-11-22
California will whittle down its long-term debt in the fiscal year ahead with a supplemental pension payment of $3.5 billion, according to Gov. Gavin Newsom’s budget proposal. The state will pay the money to the California Public Employees’ Retirement System on top of a regular $8.4 billion payment toward the pensions of state workers and retirees, according to the proposal. Newsom highlighted the pension payments in a Monday press conference on his estimated $286.4 billion budget proposal for the fiscal year that starts July 1. The supplemental payment of $3.5 billion toward pension liabilities will save the state at least $7 billion over the next three decades, according to the budget proposal. Riding a stock market boom, CalPERS earned enough money on its investments in the last fiscal year to significantly improve its long-term fiscal position. As of July, the system had about 80% of the money it would need to cover all its long-term debts, up from 71% a year earlier. The retirement system, with an investment fund valued at $493 billion as of last week, charges the state and other public employers each year under a plan to pay down its liabilities and reach full funding by the mid-2040s. The state has been supplementing its payments over the last four years under provisions of Proposition 2, the 2014 ballot initiative backed by former Gov. Jerry Brown. The measure requires the state to dedicate money each year toward its debts and to a rainy day fund. The state has made $12.7 billion in supplemental payments to CalPERS and CalSTRS over the last four years, and 52
UCLA Faculty Association Blog: First Quarter 2022
