NewsMine — cabal-elite — w-administration — schwarzenegger — Viewing Item

Schwarzenegger tries to privative california pensions Original Source Link: (May no longer be active)    http://www.reuters.com/newsArticle.jhtml?type=domesticNews&storyID=7247869 http://www.reuters.com/newsArticle.jhtml?type=domesticNews&storyID=7247869 Schwarzenegger Plans Shake-Up of Calif. Pensions Wed Jan 5, 2005 04:26 PM ET SAN FRANCISCO (Reuters) - California Gov. Arnold Schwarzenegger will urge lawmakers to pass a sweeping overhaul of the state's public pension systems, including Calpers, the nation's largest pension fund, an aide said on Wednesday. Schwarzenegger plans to use his "State of the State" address on Wednesday evening to back a plan that would scrap California's defined-benefit public pension plans in favor of defined-contribution plans similar to 401(k) retirement plans in the private sector. Critics of that partial privatization, which mirrors Bush administration moves to shift Social Security money into private accounts, call it an attempt to undercut the influence of Calpers as a corporate watchdog and curb its political activism. The aide to Schwarzenegger, a popular Republican who has clashed with the state's Democrat-controlled legislature, declined to provide details. Calpers, the heavyweight California Public Employees' Retirement System, has enraged critics in corporate America, who charge that its shareholder activism has increasingly been tinged by partisan politics. California Republicans see the fund as pressing an aggressive union agenda under the banner of shareholder rights and serving as a political launch pad for Democratic officials, notably state Treasurer Phil Angelides, Schwarzenegger's harshest partisan critic in Sacramento and a potential Democratic gubernatorial candidate. A California Republican lawmaker is moving forward with a bill to bar traditional pensions for public employees in the state hired after July 2007. California's Howard Jarvis Taxpayers Association is also organizing an initiative effort to put public pension reform to a statewide vote. Analysts expect any efforts to place public workers into defined-contribution retirement plans to be fought strenuously by California's labor unions and by Democratic lawmakers. Unions have traditionally supported defined-benefit retirement plans, which guarantee fixed payments to pension system members.

arnold-campaign arnold-past arnold-policy dissent elite-connections recall-election whitehouse-connections 1911 recall and ballot initiative laws to fight money powers { October 30 2005 } Ads to back schwarzenegger for president Arnold republican convention speech { August 31 2004 } Arnold [jpg] California voters reject key measures for arnold { October 2005 } Crew digs pothole so arnold can fill it { May 27 2005 } Foreign born presidents reconsidered { September 30 2003 } Governator schwarzenegger popularity dips { January 31 2005 } Schwarzenegger breaks promise and over spends { January 5 2005 } Schwarzenegger tries to privative california pensions Files Listed: 10

Correction/submissions

CIA FOIA Archive

National Security Archives

This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information, go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purpose of your own that go beyond 'fair use', you must obtain permission from the copyright owner.