From From FB group Orange Talk<\/p>\n
Also see LA Times article<\/p>\n
http:\/\/www.latimes.com\/projects\/la-me-pension-crisis-davis-deal\/<\/p>\n
This was from the .PDF document here<\/p>\n
http:\/\/www.ocgrandjury.org\/pdfs\/2015_2016_GJreport\/2016-06-15_Website_Report.pdf<\/p>\n
“Here were the Grand Jury’s findings about how the entire county should deal with pension reform:<\/p>\n
RECOMMENDATIONS<\/p>\n
In accordance with California Penal Code \u00a7933 and \u00a7933.05, the 2015-2016 Grand Jury requires<\/p>\n
(or as noted, requests) responses from each agency affected by the recommendations presented in<\/p>\n
this section. The responses are to be submitted to the Presiding Judge of the Superior Court.<\/p>\n
Based on its investigation titled \u201cOrange County\u2019s $4.5 Billion Unfunded Pension Liability &<\/p>\n
Retirement Plans\u201d, the 2015-2016 Orange County Grand Jury makes the following seven<\/p>\n
recommendations:<\/p>\n
R.1. The County should encourage the OCERS Board of Retirement to maintain financially<\/p>\n
sound assumptions and to oppose any relaxation of current assumptions. (F1)(F3)<\/p>\n
R.2. The County should establish and adopt a plan, working with OCERS, to increase the<\/p>\n
pension percent funded liability to 80% from its current level of 70% by making additional<\/p>\n
payments to OCERS. This plan should be developed as part of the County Strategic<\/p>\n
Financial Plan is being updated in late summer 2016. As the 2017-2018 budget is being<\/p>\n
developed, the first advance payment of the Plan should be included. (F1) (F2)<\/p>\n
R.3. The County should develop a policy to continue issuing short term Pension Obligation<\/p>\n
Bonds, so long as the discount from OCERS is available and there is enough net savings<\/p>\n
(which should be defined) after paying for cost of issuance and underwriter\u2019s discount. (F4)<\/p>\n
R.4. The County should direct its lobbyists or work through the California State Association to<\/p>\n
find support in the legislature for a bill with additional pension reforms, beginning with the<\/p>\n
next legislative session that would further reduce the impact of unfunded pension<\/p>\n
liabilities. (F6)<\/p>\n
R.5. The County should conduct a thorough analysis including the financial impact of<\/p>\n
implementing a Defined Contribution Retirement Plan or a hybrid plan, replacing the<\/p>\n
current Defined Benefit Plan, before January 2017. (F1) (F7)<\/p>\n
Orange County\u2019s $4.5 Billion Unfunded Pension Liability & Retirement Plans<\/p>\n
2015-2016 Orange County Grand Jury Page 24<\/p>\n
R.6. The County should review the current practice of using taxpayer money to benefit eight<\/p>\n
non-County employees through the 401(a) retirement plan by the end of 2016. (Executive<\/p>\n
Director LAFCO; Executive Manager- Children & Family Commission and six OCERS<\/p>\n
executives). (F8)<\/p>\n
R.7. The Board of Supervisors should, by the end of calendar year 2016, publicly revisit and<\/p>\n
determine if the Executive Compensation package 401(a) supplemental retirement plan for a County elected officials and top executives is still justifiable. (F8)”<\/p>\n","protected":false},"excerpt":{"rendered":"
From From FB group Orange Talk Also see LA Times article http:\/\/www.latimes.com\/projects\/la-me-pension-crisis-davis-deal\/ This was from the .PDF document here http:\/\/www.ocgrandjury.org\/pdfs\/2015_2016_GJreport\/2016-06-15_Website_Report.pdf “Here were the Grand Jury’s findings about how the entire county should deal with pension reform: RECOMMENDATIONS In accordance with California Penal Code \u00a7933 and \u00a7933.05, the 2015-2016 Grand Jury requires (or as noted, requests) <\/p>\n (Read More…)<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20,163,1],"tags":[],"class_list":["post-12791","post","type-post","status-publish","format-standard","hentry","category-other-off-topic","category-politics","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/12791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12791"}],"version-history":[{"count":3,"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/12791\/revisions"}],"predecessor-version":[{"id":12794,"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/12791\/revisions\/12794"}],"wp:attachment":[{"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rustybolt.info\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}