Governor Edmund G. Brown Jr. today (2012) signed sweeping pension reform legislation. “This is the biggest rollback to public pension benefits in the history of California pensions,” said Governor Brown. For more information on the "Public Employees Pension Reform Act of 2012", see:
Retired Employees of Stanislaus County Organizations, Inc.
Thank you for your support!
Call: (209) 521-1666
P.O. Box 1646
Modesto, CA 95353
The Legislative Committee has identified the following documents that RESCO Members need to read:
Our retirement fund earned over 14% last year. We have over 1.5 billion dollars in assets. Contributions plus earnings are exceeding our payments to retirees. We have a way to go before we are fully funded but if this positive trend continues, we will get there. There was an article in Pension & Investment, which ranked Stanislaus County 3rd in the nation for best investment returns for last fiscal year.
The Board of Supervisors appointed Jason Gordo to replace Ron Martin. The Board is in the process of finalizing its strategic plan. There will be a full update in the next StanCERA newsletter.
For the latest information on O'NEAL v. StanCERA or NASRAWI V. BUCK, click the following link:
Law Office of Michael A. Conger
Mr. Conger is the attorney of record representing RESCO in both cases. The information on his website will be the most up to date information available.
Hello, fellow retirees!
We’ve finally concluded the in-court trial phase of the O’Neal v. StanCERA case after seven long and tiresome days in court! The next phase will consist of filing closing arguments versus verbal closing arguments, which many of us are more familiar with. Here is a copy of the Closing Brief:
The Judge will then decide the case based on the evidence presented during the trial and closing arguments. While it will probably be several months before we have the Court’s decision, we wanted to give you a brief update.
We feel that our Attorneys, Michael Conger & Richard Benes, put on the best case; they brought out many points that should prove our case to the Court. Judge Robert F. Moody seemed to understand the facts in the case and we are hopeful that he will rule in our favor. If/when we prevail, we will move into the next phase of the trial to determine damages.
We want to thank you all for your support these past nine years, and especially would like to thank those of you who attended the trial with us.
If you would like to read the Trial Brief, prepared by Michael Conger in advance of the trial, it is posted on RESCOToday.org under “NEWS”.
On behalf of RESCO,
Here are a couple of documents you might like to review:
We won the appeal in this actuarial malpractice case against Buck Consultants, STANCERA's previous actuary. Buck miscalculated the County of Stanislaus' required contribution by almost $40 million, but STANCERA will not pursue this malpractice case. So we are pursuing it.
However, the parties have agreed to stay this case pending the outcome of the O'Neal case, because the outcome of that appeal will affect the outcome of this actuarial malpractice case.