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CalPERS
The California Public Employees' Retirement System (CalPERS) is an agency in the California executive branch that "manages pension and health benefits for more than 1.5 million California public employees, retirees, and their families".CalPERSFacts at a glance: general. January 2009. Retrieved December 24, 2008. In fiscal year 2020–21, CalPERS paid over $27.4 billion in retirement benefits,CalPERSFacts at a Glance - Public Employees' Retirement Fund (PERF), 2020-21CalPERS. 2021. Retrieved October 09, 2021. and over $9.74 billion in health benefits.CalPERSFacts at a Glance - Health Benefits, 2019-20CalPERS. 2021. Retrieved October 09, 2021. CalPERS manages the largest public pension fund in the United States, with more than $469 billion in assets under management as of June 30, 2021. CalPERS is known for its shareholder activism; stocks placed on its "Focus List" may perform better than other stocks, which has given rise to the term "CalPERS effect".Sidel, Robin. "Ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gray Davis
Joseph Graham "Gray" Davis Jr. (born December 26, 1942) is an American attorney and former politician who served as the 37th governor of California from 1999 to 2003. In 2003, only a few months into his second term, Davis was recalled and removed from office. He is the second state governor in U.S. history to have been recalled. A member of the Democratic Party, Davis holds a Bachelor of Arts in history from Stanford University and a Juris Doctor from Columbia Law School. He was awarded a Bronze Star for his service as a captain in the Vietnam War. Prior to serving as governor, Davis was chief of staff to Governor Jerry Brown (1975–81), a California State Assemblyman (1983–87), California State Controller (1987–95) and the 44th lieutenant governor of California (1995–99). During his time as governor, Davis made education his top priority and California spent eight billion dollars more than was required under Proposition 98 during his first term. In California, under D ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Phil Angelides
Phillip Nicholas Angelides ( ; born June 12, 1953) is an American politician who was California State Treasurer and the unsuccessful Democratic nominee for Governor of California in the 2006 elections. Angelides served as the Chair of the Apollo Alliance and of the Financial Crisis Inquiry Commission. Personal life Angelides was born in Sacramento, California, to Helen (née Papadopoulos) and Jerry Angelides, who were Greek immigrants. Growing up, Phil and his brother Kimon were encouraged by their father to learn about geography and the United States government. Their father would quiz them weekly on these topics. Angelides was educated at The Thacher School in Ojai, California and graduated from Harvard University in 1974, majoring in government as a Coro Foundation Fellow. Angelides and his wife, Julie, reside in Land Park with their three grown daughters, Megan, Christina, and Arianna. His eldest daughter, Megan Garcia-Angelides, was the campus coordinator for his 2006 c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension Fund
A pension fund, also known as a superannuation fund in some countries, is any plan, fund, or scheme which provides retirement income. Pension funds typically have large amounts of money to invest and are the major investors in listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold about USD$6 trillion in assets. In 2012, PricewaterhouseCoopers estimated that pension funds worldwide hold over $33.9 trillion in assets (and were expected to grow to more than $56 trillion by 2020), the largest for any category of institutional investor ahead of mutual funds, insurance companies, currency reserves, sovereign wealth funds, hedge funds, or private equity. The Federal Old-age and Survivors Insurance Trust Fund, which oversees $2.66 trillion in assets, is the world's largest public pension fund. Classifications Open vs. closed pension fund Open pension funds suppor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Activist Shareholder
An activist shareholder is a shareholder who uses an equity stake in a corporation to put pressure on its management. A fairly small stake (less than 10% of outstanding shares) may be enough to launch a successful campaign. In comparison, a full takeover bid is a much more costly and difficult undertaking. The goals of activist shareholders range from financial (increase of shareholder value through changes in corporate policy, cost cutting, etc.) to non-financial (disinvestment from particular countries, etc.). Shareholder activists can address self-dealing by corporate insiders, although large stockholders can also engage in self-dealing to themselves at the expense of smaller minority shareholders. According to research firm ''Insightia,'' a total of 810 listed companies globally were publicly subjected to activist demands in 2020, down from 896 in 2019. Shareholder activism can take any of several forms: proxy battles, publicity campaigns, shareholder resolutions, litigation, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
California Government Operations Agency
The Government Operations Agency (CalGovOps) is the California government agency responsible for administering state operations including procurement, real estate, information technology, and human resources. Amy Tong was appointed Secretary of Government Operations by Governor Gavin Newsom in March of 2022. Previously, the role was held by Secretary Yolanda Richardson and Secretary Marybel Batjer, who was appointed as the inaugural agency secretary in June 2013 by then-Governor Jerry Brown. Organization The Government Operations Agency oversees 12 departments, boards, and offices: * Office of Administrative Law (OAL) * Complete Count Committee * Department of FI$CAL *Franchise Tax Board (FTB) * Department of General Services (DGS) * Department of Human Resources (CalHR) * State Personnel Board (SPB) * Public Employees' Retirement System (CalPERS) *California Department of Tax and Fee Administration The California Department of Tax and Fee Administration (CDTFA) is the public ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
California Executive Branch
The California executive branch consists of elected officers and other offices and officers. The elected executive officers are: File:Gavin Newsom official photo (cropped).jpg, Gavin Newsom (D) Governor of California, Governor File:Eleni Tsakopoulos Kounalakis (cropped).jpg, Eleni Kounalakis (D) Lieutenant Governor of California, Lieutenant Governor File:Shirley Weber (cropped).jpg, Shirley Weber (D) Secretary of State of California, Secretary of State File:Fiona Ma (cropped).jpg, Fiona Ma (D) California State Treasurer, State Treasurer File:Betty Yee official photo (cropped).jpg, Betty Yee (D) California State Controller, State Controller File:Assemblymember Tony Thurmond (cropped).jpg, Tony Thurmond (D) California State Superintendent of Public Instruction, State Superintendent of Public Instruction File:Ricardo Lara official portrait (cropped).png, Ricardo Lara (D) California Insurance Commissioner, Insurance Commissioner File:Bonta_headshot.jpg, Rob Bonta (D) Attorne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a "defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called ''retirement plans' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension Spiking
Pension spiking, sometimes referred to as "salary spiking", is the process whereby public sector employees are granted large raises, bonuses, incentives or otherwise artificially inflate their compensation in the time immediately preceding retirement in order to receive larger pensions than they otherwise would be entitled to receive. This artificially inflates the pension payments due to the retirees. Upon retirement any employee transitions from receiving a paycheck from the employer to a pension check drawn on the assets of the retirement fund; this amount is typically determined as a percentage of the employee's regular salary by state law or statute. When an employee due to retire receives a "spike", the amount of money the employee will receive does not reflect the percentage of salary the employee and employer haves contributed for the majority of the employee's career, and places a burden on the economic viability of the pension fund. This practice is considered a significa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporate Governance
Corporate governance is defined, described or delineated in diverse ways, depending on the writer's purpose. Writers focused on a disciplinary interest or context (such as accounting, finance, law, or management) often adopt narrow definitions that appear purpose-specific. Writers concerned with regulatory policy in relation to corporate governance practices often use broader structural descriptions. A broad (meta) definition that encompasses many adopted definitions is "Corporate governance” describes the processes, structures, and mechanisms that influence the control and direction of corporations." This meta definition accommodates both the narrow definitions used in specific contexts and the broader descriptions that are often presented as authoritative. The latter include: the structural definition from the Cadbury Report, which identifies corporate governance as "the system by which companies are directed and controlled" (Cadbury 1992, p. 15); and the relational-structura ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
California State Employees Association
The California State Employees Association (CSEA), was founded in 1932 in Sacramento, California. The organization itself grew out of a campaign to pass a ballot initiative to amend the California state constitution to create a retirement system for California state workers (now called the California Public Employees' Retirement System). As a result of the campaign, the core of leadership for the campaign went on to create the association to maintain the momentum of that political victory by forming a credit union, now known as The Golden One Credit Union, for state employees, winning voter approval of the merit system for state civil service, and a 40-hour workweek and, finally in 1979, winning collective bargaining rights for state and university employees in the California legislature, also known as the Dills Act after its author Senator Ralph C. Dills. When California adopted collective bargaining for state employees in 1979, CSEA began a long period of reorganization wherein ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defined Contribution Plan
A defined contribution (DC) plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts (through employee contributions and, if applicable, employer contributions) plus any investment earnings on the money in the account. In defined contribution plans, future benefits fluctuate on the basis of investment earnings. The most common type of defined contribution plan is a savings and thrift plan. Under this type of plan, the employee contributes a predetermined portion of his or her earnings (usually pretax) to an individual account, all or part of which is matched by the employer. In the United States, specifies a defined contribution plan as a "plan which provides for an individual account for each participant and for benefits based solely on the amount contributed to the participant's account, and any income, expense ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
