|
reform vs revolution
An article by Tony Oliveira (President of CSAC and Kings County Supervisor) in the March/April 2010 edition of The Journal, dissects the difference between "reform" and "revolution" in the context of our public pension systems. His article got me thinking. Supervisor Oliveira says that "we seek reform in a way that makes us better at governing" and revolution is throwing the baby out with the bath water, so to speak.
|
|
In my home county of Orange County, the Board of Supervisors has taken very proactive actions with respect to the benefits of their employees and retirees. With this in mind, I was interested in looking at them through the prism defined by Supervisor Oliveira and see if they could be determined to be acts of reform leading " to a beneficial change" or acts of revolution designed to "overthrown [the system] wholesale?" I have listed them here for you to decide along with me. Are they acts of reform or revolution?
OC Board of Supervisors sued the retirement system (OCERS) and the Deputy Sheriff 's (AOCDS) over their 3% @ 50 pension benefit that was applied retroactively to those active public safety members working on June 29, 2002. The change was a negotiated change in the contract between the County and AOCDS in 2001. The lawsuit (filed years after the initial contract) was thrown out of the Superior Court which did not agree with the County's legal position. Nonetheless, the Board voted to appeal the decision to the next level. Legal costs to the County of Orange exceed $2 Million.
read more on page 3
Click the image to read the full magazine
|
 fter the credit crisis and market meltdown of the fourth quarter of 2008 and the first quarter of 2009, many market participants have breathed a grateful sigh of relief as the markets have exhibited a strong recovery over the last year. With the S&P 500 recovering 49.77% for the one year period through March 31, 2010 and the MSCI EAFE and the BofA Merrill Lynch High Yield Master II indices up 54.44% and 57.22% respectively, the institutional investor community has generally felt better this year than last.
read more on page 6
 n March, the EDMS project entered the Implementation Phase which includes End-User Training, Backfile Conversion, Day Forward Scanning, and interim EDMS application rollout to users. User training on the interim imaging system was provided the week of March 8th as was training on day forward imaging (scanning operations) and quality assurance testing. On March 16th the backfile conversion vendor, DocuTech, began scanning operations for the Benefits Department. Since then, staff in the Benefits department have been able to access member records through the EDMS system.
read more on page 12
|
