Newly Elected Feckner Urges Fight Over CalPERS Overhaul -LAT

[Rose Siding]

State pension system's leader vows a focused, 'less flashy' style on the job, which includes opposing the governor's plan.

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Although the board's approach to corporate governance would "become more laser-focused and less scattershot" under his leadership, Feckner said, he wanted to make it "abundantly clear to corporate wrongdoers who are hurting shareholder value that we will not retreat from our fiduciary duty to protect our shareholder interests when called for."

He vowed to continue initiatives to limit excessive executive pay, control soaring healthcare costs and, above all, oppose efforts by Schwarzenegger and his Republican allies in the Legislature and business to dramatically change how public pensions are paid.

"Our biggest challenge today relates to the very survival of CalPERS," Feckner said.

The governor claims that California can't afford to maintain its current pension system. Feckner counters that the fund could lose billions of dollars if it converted from a traditional benefit program that provides retirees with lifelong monthly checks to a 401(k)-type savings plan. The governor plans to take his overhaul proposal to the voters in a fall initiative if lawmakers don't take action by early March.

http://www.latimes.com/business/la-fi-feckner17feb17,0,1029043.story?coll=la-home-business

[CountAllVotes]

1. good, CalPERS needs a strong fighter

Even with the unions, CalPERS needs someone to fight, fight, fight! We cannot let the Gropenator rip off the current memebers and the retirees.

Go FECKNER!

:kick:

[damntexdem]

2. I'm glad I grabbed by Calpers pension when I did.

A government-supported defined-benefit plan beats a defined-contribution plan, hands down. I would say the same about private plans; but private companies have been allowed to dump their defined-benefit plans.

Come on, boomers, we're the ones who are being hurt by all of the attacks on retirement benefits -- conveniently after we've done the work and sometimes paid the premiums, so have paid in.

[Shakespeare]

3. Arnold's plan is actually Grover Norquist's plan.

Damn right we need to fight--and Norquist is bankrolling the PR push on this one. If this gets strong-armed into passing, kiss your retirement bye-bye, CA employees.