Latest news with #RetirementSystem
Bloomberg
14-07-2025
- Business
- Bloomberg
California Pension Fund Posts 11.6% Gain Driven by Stocks, Outpacing Annual Goal
The California Public Employees' Retirement System reported an 11.6% gain for its latest fiscal year, with returns driven by public equity investments. The largest US pension fund's returns outpaced its 6.8% annual target and pushed its managed assets to $556.2 billion for the fiscal year ended June 30, Calpers said Monday in a preliminary returns statement. That means the pension can now cover 79% of its future obligations, from 75% at the end of the previous year.
Yahoo
28-05-2025
- Business
- Yahoo
Maine lawmakers pass $1.6 billion ‘messaging bill' to reverse cuts to state pension system
Passersby honk at Winnie Malia (right) and other state employees chanting along State Street in Augusta on Sept. 26, 2023. (Photo by Emma Davis/ Maine Morning Star) Maine Legislators said they hope to send a message about the importance of public service with the passage of a bill that would undo previous cuts to the state pension system — to the tune of more than $1.6 billion. In 2011, the Legislature and former Gov. Paul LePage made changes to the state pension system that capped cost of living adjustments at 3% and restricted that increase so that it would only apply to the first $20,000 (which has now increased to $24,000) of pension income. At the time, those cuts helped the state lower the top marginal individual income tax rate from 8.5% to 7.15%. The House voted 81-66 on Wednesday following the Senate's 22-12 vote on Tuesday in favor of legislation (LD 900) that would undo some of those changes and tie the Public Employees Retirement System to the Consumer Price Index in an effort to help retirement accounts keep pace with inflation. Speaking from the chamber floor Tuesday, Sen. Mike Tipping (D-Penobscot) noted the bill has a fiscal note of more than $1.6 billion due to the state pension system not having enough assets to cover the future cost of those changes. 'I have every confidence that my colleagues on the Appropriations and Financial Affairs Committee will find that money,' Tipping joked, 'but regardless of how it works out, this is an important reminder of how much we've taken from retirees to pay for tax breaks for the wealthy.' However, critics said passing a bill with such a price tag would be irresponsible. 'We must legislate responsibly, balancing our obligations to retirees with a broader need for Maine's working families, businesses and public services,' Rep. Mike Soboleski (R-Phillips) said during the House debate, adding that if funded the bill would likely divert resources from education, health care, and other priorities. Rep. Amy Roeder (D-Bangor) said although the bill is likely going to die on the appropriations table, where legislation not included in the budget vies for remaining funds at the end of session, she won't stop fighting for pensions. 'Every year we fail to restore these pensions, we are complicit in perpetuating the injustice,' she said. Bill sponsor Sen. Joe Baldacci (D-Bangor) said over the last 15 years 'employees of the state have been shortchanged significantly,' noting the thousands of retired teachers and public workers impacted by the current structure. His hope is that over successive legislatures, this issue becomes a priority. Before advancing to either the governor's desk or the appropriations table, the bill will go back to both chambers for final enactment votes. SUPPORT: YOU MAKE OUR WORK POSSIBLE
Int'l Business Times
28-04-2025
- Business
- Int'l Business Times
Undergraduate Tuition at Oregon's Public Universities to Rise Again, Up Nearly 30% from a Decade Ago
EUGENE, Ore. – Students at Oregon's seven public universities will face another round of tuition hikes for the 2025-26 academic year, with increases ranging from 2% to 5%, according to the Oregon Capital Chronicle. This marks a continuation of a decade-long trend where average tuition at these institutions has surged nearly 30% since 2015, outpacing inflation and placing Oregon among the highest-cost public university systems in the West. The state's Higher Education Coordinating Commission reports that Oregon ranks 44th nationally in public higher education funding, a key driver behind the persistent tuition increases. "Oregon public universities have some of the highest tuition and fee rates among Western states," said Ben Cannon, executive director of the commission, in an interview with the Oregon Capital Chronicle. Universities cite rising inflation, higher staff costs—particularly contributions to the Public Employees Retirement System (PERS)—and capital investments as additional pressures. At institutions like Oregon State University (OSU) and the University of Oregon (UO), tuition and fees now account for over half of revenue, one of the highest proportions in the nation. For the upcoming academic year, OSU's Board of Trustees approved a 4.91% tuition increase for resident undergraduates at its Corvallis campus and 4.7% at OSU-Cascades in Bend, translating to an additional $11-$12 per credit hour. Portland State University (PSU) will raise resident undergraduate tuition by 4.8%, while UO approved a 3% hike for new undergraduates. Eastern Oregon University (EOU) is expected to finalize a tuition increase within the 3-5% range by mid-May. Any increase above 5% requires approval from the Higher Education Coordinating Commission. The financial burden falls heavily on students. Resident undergraduates currently pay around $15,320 at UO and $14,400 at OSU, while out-of-state students face significantly higher costs—$42,516 at UO and $38,190 at OSU. Over the past six years, tuition for UO's freshman class has risen by more than 25%, with current students paying over $15,600 annually compared to $12,400 in 2019. Despite these increases, enrollment has declined, with full-time enrollment at Oregon's public universities dropping by approximately 3,000 students since 2014, and total class enrollment falling by 4,000. Last fall, nearly 80,000 students were enrolled across the seven universities. Students and advocacy groups have expressed frustration over the rising costs as universities are attempting to offset the hikes with increased financial aid. OSU plans to provide over $100 million in institutional aid, while UO will offer $125 million, nearly triple the amount provided five years ago. Additionally, UO locks in tuition for five years for each incoming freshman class, providing some predictability. However, the rising cost of living, particularly housing near campuses, exacerbates affordability concerns. The reliance on tuition revenue stems from a significant decline in state support. Twenty-five years ago, Oregon covered up to 75% of the cost of each full-time university employee; today, it funds 50% or less. Oregon's per-pupil funding of $8,400 annually lags behind the national average of $11,000, and the state's overall investment in higher education remains below most states. This underfunding has economic implications, with reports indicating Oregon struggles to produce enough graduates in fields like STEM, healthcare, and technology to meet workforce demands. With no significant increase in state funding on the horizon, Oregon's public universities face a challenging balancing act: maintaining quality and accessibility while covering rising costs. For students, the dream of higher education comes with an ever-higher price tag, prompting calls for reform to restore the "public" in public higher education. Originally published on University Herald
Yahoo
14-02-2025
- Politics
- Yahoo
‘It's not over until it's over': Teachers ask Cox to veto union bill in silent protest
Teachers silently protest in front of Gov. Spencer Cox's office and call on him to veto HB267 on Feb. 14, 2025. (Photo by Vanessa Hudson/Utah News Dispatch) Educators gathered in front of the governor's office Friday morning to silently protest and ask Gov. Spencer Cox to veto HB267, the bill that would ban collective bargaining for unions in the public sector. The silent protest comes a week after almost 1,000 teachers, firefighters and other union advocates packed the Capitol to call for a veto. It's unclear if the governor will veto the legislation; if he does, Sen. David Hinkins, R-Ferron, confirmed Thursday he's working on a compromise that would still allow public unions to collectively bargain. SB168, a backup bill for HB267, would require support from a majority of the employees in the organization the union represents, regardless of whether they're part of the union, in order to negotiate on behalf of employees. The compromise bill also retains some restrictions on public sector unions from the original legislation, like restricting certain government resources from going toward union activity and removing access to the Utah Retirement System for employees who work for the union but not the public entity the union represents. Is it too late for a compromise on collective bargaining bill? One senator is still trying BreAnn Busbom is a teacher in Davis School District. She said when teachers' voices are silenced, an unhappy workforce is created, which becomes a problem for students. 'This silent protest is really symbolic of what would happen if the governor does not veto this bill,' Busbom said. 'It, in effect, silences teacher voice.' J. Cedric Smith, a science teacher in the Weber School District, said he's hoping the governor will veto the legislation and advocate on behalf of public sector employees, students, families and teachers. 'It's not over until it's over,' Smith said. If Cox vetoes HB267, Hinkins said his compromise bill would have an avenue forward, though Senate leadership called it a 'nonstarter' Thursday. Busbom said she hasn't looked at what Hinkins' backup bill would do but a compromise is something she would be 'very pleased' with. 'I know others would also be pleased with having some sort of compromise at the end of the day,' she added. A substitute to HB267 would have allowed collective bargaining if unions could get enough support from all employees, but the Legislature ultimately passed the original language, despite two weeks' worth of debate and discussions between public sector unions and lawmakers. Smith said because HB267 was controversial and faced significant opposition, the governor now has an opportunity to exercise his judgment and veto. 'At the very least, send it back … to say, 'Hey, you know, I think you need to make a better effort at working with these folks, developing a coalition, a partnership, so that everybody's needs can be met, but their rights can't be taken from them,' Smith said. If HB267 does end up becoming law, Busbom and Smith both said the Utah Education Association will continue to advocate for teachers and students. 'We are resilient as an association, and I know we can make it past this,' Busbom said. 'However, I will be extremely disappointed with the people that have been elected to represent the people. I'm not sure that they really are representing the people's voice in this action.' SUPPORT: YOU MAKE OUR WORK POSSIBLE
