U-T San Diego Editorial on Pension Ruling Way Off Base
October 7, 2014
The October 2 U-T San Diego editorial, "Pension Ruling Won't Prevent Long War," is disappointing in its disregard for the facts about CalPERS leaders and their recent actions.
CalPERS has taken many steps over the years to make changes to ensure the long-term sustainability of the Fund and the pensions promised by employers to their public servants. Demographic assumptions have been revised to acknowledge increased life expectancy, the discount rate on investments has been lowered, and CalPERS worked closely with the Administration and legislature to draft and then implement the Public Employees' Pension Reform Act (PEPRA), which will save employers $42-$55 billion over the next 30 years.
Member health care costs have been reduced through innovative programs like reference pricing and efforts to ensure those enrolled in health care programs are eligible CalPERS long-term care program has been stabilized and employers have options to pre-fund retiree health care benefits. CalPERS works closely with its employer partners to help address the cost of pensions and is committed to strong governance, ethics, and transparency. CalPERS is a different organization today than in the past, something the U-T editorial board can’t seem to accept or acknowledge.
The rhetoric the U-T editorial board continues to use has no place in the public discourse regarding these important policy issues. It's time for the U-T to recognize the progress that has been made by CalPERS in recent years and offer a fair and balanced view of the facts for its readers.