Topic: Retirement Security
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
CalSTRS offers more assistance with service credit reporting
By Sharon Hendricks, Los Angeles College Faculty Guild and CalSTRS Board Member
To help part-time faculty understand how districts report service credit and to ensure they receive all service credit they have earned throughout their teaching careers when they retire, CalSTRS has opened new centers in Irvine, Glendale, and Santa Clara, staffed by benefits counselors trained to navigate part-time-faculty issues.
Legislature passes significant changes in CalSTRS contributions
In June 2014, the California Legislature made significant changes in contributions to the California State Teachers Retirement System. The CFT formed a task force to study the issue of the system’s “unfunded liability” and to submit the union’s recommendations to the governor and the Legislature. Learn about the changes passed by the Legislature and the union’s positions below.
CFT advisory committee analyzing impact of CalSTRS funding gap
The Legislature has begun public hearings to address a $71 billion funding gap in the pension system for K-14 teachers. Without an increase in contributions, CalSTRS predicts its assets will be depleted in about 30 years.
CalSTRS Board Member: Perspective on the shortfall
CalSTRS reports that its unfunded liability grows by $22 million every day that nothing is done. While most California public pension funds can raise annual employer rates when they need more money, CalSTRS requires legislation to raise rates.
Don’t sign! State initiative attacks public employee pensions
San Jose Mayor Chuck Reed is mounting a major attack on educators’ pensions. He has filed a voter initiative with the Secretary of State and may start collecting signatures in early 2014 to qualify it for the November ballot.
CFT wins improved CalSTRS service credit reporting
New law takes effect July 1
In a victory for part-time community college faculty enrolled in the CalSTRS retirement program, Gov. Brown signed into law CFT-sponsored SB 114 to correct the misreporting of retirement service credit.
New law! Significant pension changes for CalPERS members start January 1
Classified employees with questions about the new Public Employees’ Pension Reform Act of 2013 may find answers on the Frequently Asked Questions page of the CalPERS website. Here are some answers to common questions.
The new law requires that new employees of public schools and community colleges contribute at least 50 percent of the total normal cost or the same contribution rate as “similarly situated” employees, whichever is higher.
Governor Brown signs bill to improve reporting for adjuncts
The governor signed CFT-sponsored SB 114. Authored by Sen. Leland Yee (D-San Francisco), this bill helps correct misreporting of part-time faculty work to ensure the right amount of retirement service credit.
New employees to face reduced retirement benefits
Workers not yet hired will take biggest hit under law passed by legislators with no input from public employee unions
A new law passed in the final hours of the legislative session makes sweeping changes to public employee pensions that impose most of the changes on workers not yet hired, creating a two-tier system in the workplace where two groups of workers doing the same work receive different retirement benefits.