Topic: Retirement Security
How CalSTRS and CalPERS pensions are protected from inflation
Governor signs CFT-sponsored legislation to provide earliest CalSTRS retirees another supplemental check
Both CalSTRS and CalPERS have mechanisms in place to guard a retiree’s defined benefit pension against eroding purchasing power. The first is a cost-of-living adjustment, or COLA, and the second is a “floor” below which the buying power of a pension cannot fall. Now thanks to a CFT-sponsored bill recently signed by Governor Newsom, CalSTRS retirees from earlier decades will see additional relief.
Take action now to avoid income shock at retirement
End the Social Security penalties WEP and GPO
Districts are supposed to tell new hires about the impact “WEP and GPO” will have on their Social Security—but often they don’t, says Dennis Cox, president of the CFT Council of Retired Members. That means teachers who are counting on a certain amount of income for their retirement get a shock when they find out they won’t be getting it. This happened to Cox.
“I found out I wasn’t going to get my full Social Security benefits and Medicare would be taken out of that,” he said. “I got clobbered, and there’s many people in a worse situation than I am.”
Sign now to repeal WEP and GPO!
Stop penalizing teachers and public employees
Everyone deserves a secure retirement, especially those who devoted their career to public service. The Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) threatens that by substantially reducing or eliminating the earned Social Security benefits of the millions of retired teachers and public employees who contributed to Social Security through other employment.
Retirees gearing up for national midterm elections
Voices of experience hope to educate younger Americans, reverse Social Security penalties
Political season is in full swing and, with days to go until California’s June 7 primary, CFT retirees are already looking ahead to the November 8 General Election.
“I can’t tell you how many people have told me they are mad as hell and ‘ready to do something’ because of the leaked Supreme Court ruling on abortion rights,” said Mike Nye at-large representative on the CFT Council of Retired Members.
What are the WEP and GPO and how will they affect your pension?
Now is the time to make our case to Congress
Retired Berkeley Unified teacher Bonnie Cediel taught for 16 years. She was married for 34, but her partial CalSTRS pension precludes her from receiving any Social Security spousal benefits. The Government Pension Offset, (GPO) passed in 1977, is the reason.
Governor provides flexibility to hire retired teachers, staff during pandemic
Allows retirees to return to work within 180 days of retirement
On August 16, 2021, Governor Newsom issued Executive Order N-12-21 to provide additional flexibility to hire retired K-12 teachers, community college faculty, and classified staff during the COVID-19 State of Emergency.
Retiree chapters serve as vaccine finders
Support members and parent unions during the pandemic
The retiree chapter of the AFT Guild in San Diego usually does monthly yoga and meditation classes, as well as getting together for walks and union meetings. Now though, due to the COVID-19 pandemic, members haven’t been getting together in person, chapter President Susan Morgan says.
What I did to help win in Election 2020
Five retirees recount their extraordinary efforts
CFT retirees have broad-ranging interests and community relationships — and a lot of collective power. That is reflected in these five first-person accounts from very connected and active retirees.
Retired unionists go digital during the pandemic
Seniors getting comfortable online and learning new organizing tricks
It is 12 noon on Friday and the California Alliance of Retired Americans is ready to Zoom. Scores of CARA members from San Diego to San Francisco are gathered around home computers, ready for the next best thing to an in-person meeting.
Tips for seniors during the COVID-19 pandemic
How one retiree chapter is supporting seniors during stay at home
By Susan Morgan, President, AFT Local 1931 Retiree Chapter
As a retiree chapter, one of our current challenges is to find new ways to stay connected, be supportive, and sustain our esprit de corps. The current pandemic has increased challenges for retirees, many of whom were already dealing with the social challenges of isolation and loneliness. These newly heightened mental health concerns are real, and our task is to find meaningful ways to connect with our members to support our common union values and goals.
Being retired in the time of Covid-19
By Dennis Cox, Southern Vice President, Council of Retired Members
AFT retirees have contributed so much to American education, and are in line for well-deserved gratitude from their students, colleagues and communities. You warrant a heartfelt thanks for what you have done, and for staying home and keeping yourselves safe during this outbreak. You are extremely valuable citizens. So, thank you to all who have served, and are now staying safely sheltered in your homes! Please continue to do all you can to stay safe.
Retirees represent Federation at CARA Convention
How CATs — CARA Action Teams — advocate for issues important to seniors
One of the things Hene Kelly likes most about the California Alliance for Retired Americans is its democratic structure where the concerns of all its members get heard.
Another thing Kelly, a vice president of CARA and its legislative director, appreciates is that she thinks CARA goes beyond listening — they act.
CalPERS bails out of private prisons
Drops $12 million investment in GEO Group and CoreCivic
The California Public Employees’ Retirement System, CalPERS, recently rattled the cages of the for-profit prison industry by divesting nearly $10 million of stock in the country’s two biggest private jailers.
The August sell-off came on the heels of the California State Teachers Retirement System, CalSTRS, dropping its $12 million investment in GEO Group and CoreCivic (formerly known as the Corrections Corporation of America).
CFT members call on CalSTRS to pressure companies to stop profiting off family separations at the border
Several CFT leaders and members testified today at the CalSTRS Investment Committee meeting in West Sacramento, urging the second largest pension fund in the country to pressure companies that they invest in to stop profiting off family separations at the border.
Michael Bilbrey for CalPERS Board Member
This election will be very close. Every vote counts. Here’s how to cast your vote
The CFT has endorsed and strongly encourages your support for Michael Bilbrey in the runoff election for the CalPERS Board of Administration.
- As a long-time labor leader, Bilbrey has demonstrated his commitment over many years to protecting defined benefit pension plans and ensuring affordable healthcare.
CalSTRS pensions analyzed in light of GOP attacks
Teachers do much better with defined benefit plans than 401(k)s
Most public school teachers working today count on traditional pensions — which guarantee a monthly income based on age, salary and years of service — as their main source of financial security in retirement.
Pension battles shift from ballots to courts
Tracking the latest strategies that attack public employee pensions
For years, people have been trying to attack pensions with ballot propositions, said Doug Orr, an economics professor at City College of San Francisco and the chair of the of the CFT Retirement Policy Committee. Those propositions always go down in defeat, Orr said, and now those attacks on pensions are coming to the courts.
Retirees prepare to stand firm in a hostile new world
Social Security and Medicare targeted by majority party
Candidate Donald Trump told the American people he didn’t want to cut Social Security, but Republicans have opposed the system since its creation during the Depression.
Speaker of the House Paul Ryan has talked about “means testing” Social Security. In other words, wealthy seniors wouldn’t get benefits because they don’t need them. But they wouldn’t pay into the system, either, and losing the top 10 percent of contributors could lead to financial havoc.
CFT urges CalSTRS to divest from gun manufacturers now
New documentary film Gun-Free Retirement features CFT members
In April 2013, a few months after the shootings at Sandy Hook Elementary School in Connecticut that killed 20 children and six adult staff members, the board of California State Teachers’ Retirement System voted to divest from firms making weapons that are illegal to own in California. More than two years later, that hasn’t happened, and Joshua Pechthalt, president of the CFT, wants to make sure it does. Soon.
CFT pushes CalSTRS to divest from gun manufacturing
UPDATE! On June 5, 2015, CalSTRS cashed out of its investment in gun manufacturer Remington Firearms, part of the Cerberus Capital Management portfolio. We thank CalSTRS for listening to CFT. Read story in the Sacramento Bee.
- State Treasurer John Chiang weighed in, supporting the action to divest, in a letter to CalSTRS.
- Read more
- VIDEO: Gun Free Retirement: How teachers are funding gun companies against their will
- IN THE NEWS: “CalSTRS wont rush to sell firearms investment,” Sacramento Bee
- IN THE NEWS: “California teachers demand a gun-free retirement,” KCRA