Michael Bilbrey – the CFA-endorsed candidate for the CalPERS
Board of Administration – has won a special runoff election and
now will fill a vacancy on the13-member board. Bilbrey defeated
Richard Ross by almost 40,000 votes.
Both men made it to the runoff after taking the top spots in an
eight-candidate field vying for the at-large seat vacated last
August by Kurato Shimada. Bilbrey will serve the remainder of
Shimada’s term that ends in January 2014.
With more than $233 billion in assets, CalPERS is the nation’s
largest public pension fund.
CFA has endorsed Michael Bilbrey in the upcoming CalPERS Board of
Administration Special Election.
Bilbrey is a 22-year employee of Citrus College in Glendora and
an officer in the California School Employees Association (CSEA).
Mail-in ballots were sent to CalPERS members this April to choose
the At-Large Position B member. This position was formerly held
by Kurato Shimada, who resigned for personal reasons last fall.
Just two days after the governor declared negotiations
were dead with Republican lawmakers on getting his tax
extensions to voters, Gov. Jerry Brown issued a 12-point “pension
reform” plan.
With all the hyperbole about "pension tsunamis" and "unfunded
liabilities," it's easy to forget facts. Retirement funds for
public employees were fully funded in the 1990s, in part because
of outstanding market earnings. Then the banking fiasco pummeled
the earnings of all Americans, wiping out savings and 401(k)
accounts and causing pension funds to lose billions of dollars.
The Winter 2011 edition of the CalPERS “PERSpective” newsletter
provides valuable information for the CSU faculty and other state
employees about changes in benefits for new state employees as
well other important updates on benefits, pensions, health
coverage and more.
CFA member George Diehr holds a wide lead in the initial tally of
votes in the CalPERS Board of Administration election.
The raw vote results of the October 4, 2010 canvas of the 2010
State Member Election are as follows:
George Diehr 21,988
Inderjit Kallirai 6,360
The unofficial results of this phase of the election are expected
to be posted after 2 p.m. on October 7, 2010. It should be noted
however, that the raw vote results may be different from the
unofficial election results after ballot reconciliation measures
are completed.
Time is running out to cast your ballot in support of George
Diehr for the CalPERS Board of Administration.
Ballots were mailed to CalPERS members' home addresses earlier
this month and must be postmarked by October 1.
Diehr is a CFA leader and faculty member at CSU San Marcos who
seeks reelection to his third term on the Board. Diehr is
currently Vice-President of the CalPERS Board.
The CalPERS Board sets policy and oversees retirement and health
benefits as well as the investment of fund assets.
Attempts to alter the pension and retirement benefits of
government workers are continuing to bubble up across the state.
The University of California (UC), facing an estimated
$20-billion deficit in its retirement plan, released a proposal
last week to reduce the amount it spends on employee benefits.
Given the ongoing debate about pensions and retirement benefits
for state employees, it is critical that the faculty have a voice
on the CalPERS Board of Administration.
Spurred by the collapse of Wall Street and an angry public mood,
Republican and some Democratic leaders are focusing with
increasing intensity on public workers' pensions, using the
benefits paid to public employees as a scapegoat and obstacle to
closing the state budget gap.
This scapegoating has prompted six unions representing roughly
37,000 employees to accept contracts recently that included lower
pension benefits for new hires and increases in what employees
pay toward their retirement savings. The deals also include some
future raises and job protections.
Governor Arnold Schwarzenegger held a press conference last
Wednesday to reiterate that he will not sign a state budget
agreement unless it includes provisions for overhauling the
state's public pension system.
The governor told reporters he wants public pensions rolled back
to 1999 levels and is willing to wait “as long as necessary” for
a budget deal that “enacts pension reform.”
CFA’s political staff continues to monitor the latest
developments on this matter and will keep faculty apprised of any
possible threats to our hard-fought benefits.
