CSR In-Person Activities Suspended Until 2021 Calpers Committee
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Page 3 Page 6 Page 7 Page 9 Legislative Watch with To Your Health Healthy Habits We Learned in Savvy Senior: Ted Toppin by Larry Woodson COVID-19 RV Travel Tips 88 Vol. XXXIIII No. 7 A PUBLICATION REPRESENTING CALIFORNIA STATE RETIREES JULY 2020 CSR In-Person Activities Suspended Until 2021 he CSR Board of Directors continues to closely monitor the COVID-19 situation in California with an eye toward maximal protection of the Thealth and welfare of CSR members. To this end, the CSR Board has extended the suspension of CSR activities through December 31, 2020. It is important to note that the suspension of activities applies to in-person chapter activities and meetings. Chapters may still communicate electronically or by telephone to conduct relevant chapter business as that is not an in-person activity. Please stay safe and, as always, let us know if you have any questions. [email protected] CalPERS Committee Updates: June 2020 t its monthly Investment fund. Last year, CalPERS created – funds. “We plan to deploy on the companies it relies upon to ACommittee meeting on June an investment strategy to deliver leverage regularly and prudently,” generate the investments that pay 15, CalPERS announced a plan to sustainable results in the near Meng said. The combination of retirement benefits. seek greater investment returns. future. But the study projected the private equity and leveraged funds Pension & Health Benefits Chief Investment Officer Ben portfolio would return only about 6 can boost profits—but may also Committee Meng said the fund will increase percent over the next 10 years. magnify losses and exacerbate After the COVID-19 crisis halted investments in private equity and Private assets “have the potential return swings. Meng said CalPERS elective medical procedures private debt. for higher returns and lower must accept the risk as it seeks throughout nation, some health Low interest rates and a sluggish expected volatility when compared greater reward. “We will have insurance carriers reported record economy compelled action for with publicly traded assets,” Meng to live with the possibility of profits in the first quarter of 2020. the nation’s largest public pension wrote in a June 15 Wall Street market drawdowns as the price Having consulted its contracted fund, which believes it can only Journal editorial. Later that week, for increasing the probability of health plans, CalPERS’ Health meet investment return goals by the news was also featured in achieving our ambitious target rate Benefits Committee proposed a adding more private assets to its Bloomberg and trade publications of return. There is no alternative.” preliminary overall increase of 4.4 portfolio. Pension and Investments and Chief Climate Change and the percent for its 2021 HMO and PPO “The current market situation Investment Officer. CalPERS Portfolio rates. requires innovation,” Meng said. CalPERS also plans to convert up The Investment Committee Final rates will be presented to CalPERS has a 7 percent to 20 percent of its nearly $400 also heard the first report of the board for approval at the July investment return target for billion portfolio into leveraged recommendations from the meeting. maintaining long-term health on its – another term for borrowed CalPERS Taskforce on Climate- The Health Benefits Committee in related Financial Disclosure June announced the addition of the (TCFD). Sharp Medicare Advantage plan, The group previously created a in addition to expansions of the plan outlining the relationship following Medicare replacement between CalPERS’ investment plans: Kaiser Senior Advantage, strategy and the global initiative UnitedHealthcare Medicare, of fighting climate change; it aims and Anthem Blue Cross Select to ensure the portfolio is both Medicare. resilient to risk and indicative of In non-Medicare plan news, efforts to lower carbon emissions. CalPERS will expand coverage for The initial report affirmed that by the Blue Shield Trio (Basic) plan taking action on climate change, to Santa Barbara, San Luis Obispo RETURN SERVICE REQUESTED SERVICE RETURN CalPERS fulfills a fiduciary duty and Ventura counties. SACRAMENTO, CA SACRAMENTO, Sacramento, CA 95834 CA Sacramento, PERMIT #495 PERMIT to its members. CalPERS believes PAID 3000 Advantage Way Suite 100 Suite Way Advantage 3000 U.S. POSTAGE U.S. the benefits of decisiveness will Please email CSRinfo@ CALIFORNIA STATE RETIREES STATE CALIFORNIA NONPROFIT produce a positive impact on CalRetirees.org if you have any ••DATED MATERIAL – PLEASE DO NOT DELAY•• workers and communities—and questions. Continued from page 3 news CALIFORNIA STATE RETIREES Open Enrollment is coming up! STATEWIDE OFFICERS Tim Behrens President TEL: 559.920.0371 EMAIL: [email protected] Stephanie Hueg Executive Vice President TEL: 831.588.5061 EMAIL: [email protected] J.W. “Jay” Jimenez Vice President TEL: 714.926.6409 Open Enrollment takes place each fall. EMAIL: [email protected] 2020 Open Enrollment will take place Did you know Gerald “Jerry” Fountain September 21 – October 16. CFO/Secretary that you can still TEL: 559.935.2238 Changes made during 2020 Open contribute FAX: 559.935.5884 Enrollment will take effect January 1, to your favorite EMAIL: [email protected] 2021. nonprofits CSR DISTRICT BOARD Important Health Enrollment Reminders: DIRECTORS • Be aware that a medical group ending its through your Sharon Stoltzman retirement pension? TEL: 424.228.2820 contract with a health plan doesn't create a EMAIL: [email protected] qualifying event to change plans outside of District A: Ch. 4, Ch. 9, Ch. 20 It’s the easiest way to Open Enrollment. keep giving back to Manijeh Fatollahi your community! TEL: 805.795.1968 • ID cards are issued by each health plan, EMAIL:[email protected] not by CalPERS. Contact your health plan OurPromiseCA.org/retiree District B: Ch. 10, Ch. 26, Ch. 31, Ch. 36 directly if you need additional cards. Mary McDonnell TEL: 415.509.1914 • Carefully review your pay warrant to ensure EMAIL: [email protected] the health plan premium deduction was made District C: Ch. 1, Ch. 3, Ch. 21, Ch. 23 when you change health plans, enroll for the S.E. Riazi first time, or add/delete dependents. TEL: 530.519.2174 EMAIL: [email protected] District D: Ch. 8, Ch. 13, Ch. 14, Ch. 19 Keith Umemoto TEL: 916.429.2768 EMAIL: [email protected] District E: Ch. 2, Ch. 15, Ch. 165 R. Connie Lira-Beuer TEL: 209.601.5754 EMAIL: [email protected] District F: Ch. 5, Ch. 11, Ch. 16, Ch. 35 Gaspar Luna Oliveira TEL: 619.548.4793 EMAIL: [email protected] District G: Ch. 6, Ch. 12, Ch. 17, Ch. 34 Contact us! CALIFORNIA STATE RETIREES Headquarters 3000 Advantage Way Suite 100 Sacramento, CA 95834 TEL: 916.326.4292 FAX: 916.326.4201 TOLL-FREE: 888.808.7197 EMAIL: [email protected] California State Retirees: 3000 Advantage Way Suite 100 Sacramento, CA 95834 WEB: www.CalRetirees.org Join online: www.CalRetirees.org/joinus JULY 2020 CALIFORNIA STATE RETIREE PAGE 2 CSR Bill Watch LEGISLATIVE WATCH with Ted Toppin CSR State Budget Update & Bill Watch Budget Update overnor Newsom and Administration, the agreements recess, a budget that is underwater, Gthe State Legislature rely primarily on the use of and restricted access to the State reached agreement on June 26 personal leave programs – so- Capitol, legislative leaders have on a $202 billion State Budget called PLPs – in which employees largely shut down consideration for the 2020-21 fiscal year. To receive flexible leave time in of bills that were not COVID- close a $54 billion deficit created exchange for a temporary reduction 19-related or deemed absolutely by the COVID-19 pandemic, in take home pay. As most state necessary. Because of this, many of the agreement cuts billions from retirees will agree, given the the bills that CSR was supporting schools and other programs, choice, a PLP is a better result than and monitoring have been dropped. borrows from our rainy day funds, mandated, forced furloughs or an Below is an update on the and delays other critical cuts until actual pay cut. remaining CSR-supported bills. Ted Toppin the cavalry arrives. The cavalry in Employee compensation this instance would be the federal reductions, among others cuts, AB 2365 (Rodriguez) Would to affordable drugs. STATUS: government, and the hope is that would be restored if the federal provide discretionary authority Awaiting hearing in Assembly billions in additional federal government sends the additional to CalPERS to waive financial Health Committee. pandemic relief funds are headed relief aid. penalties incurred by retired to California. We shall see. The next date the Governor and annuitants who exceed the 960 SB 1264 (Committee on Human As we reported last month, the legislative leaders are looking to hour annual work cap. AB 2365 Services) Would require licensed final budget agreement provides is July 15 – when they will get a will help hundreds of retirees retain residential facilities, including the State’s required payment to clearer picture of the State’s fiscal their retired annuitant income and those that provide care and housing CalPERS for the year and fully health. July 15, you will remember, their pensions by protecting them for elderly or disabled individuals, funds state retiree health care. is the new tax day this year when from automatic reinstatement to adopt emergency and disaster The budget cuts active state Californians must file and pay and the penalties associated preparedness plans. SB 1264 will employee compensation costs their state taxes. The amount of with it. STATUS: Awaiting ensure that California seniors and by $2.8 billion during the fiscal revenue that comes in will largely hearing in Senate Labor, Public vulnerable populations will be year. As this is written, five state determine if the budget needs to be Employment & Retirement cared for in an appropriate manner employee bargaining units (SEIU reopened for additional cuts.