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For nearly a decade, California’s top-paid school administrators got to collect six-figure lump sum cash payments in addition to their pensions by taking advantage of a little-known legislative provision that was intended to help recruit and retain great teachers during the dot-com boom. The program, known as the “partial lump sum” payment option, was approved by the state Legislature in 2000 to boost the state’s teaching ranks at a time when [...] Last May, a 76-year-old California woman was overjoyed to discover that she won $51 million in lottery, but now she is suing her son for allegedly commandeering her Mega Millions prize and spending much of it on cars, homes and cash gifts. The legal dispute between Etta May Urquhart and her son Ronnie Lee Orender centers on who owns the ticket. The woman admits that it was her son who signed [...] I will be retiring from the University of California within two years. The UC defined-benefit pension plan is currently 80% funded (that’s what we’ve been told) and, thankfully, not part of the State of California’s PERS pension plan. I firmly believe our economy will have a major melt-down within this decade so I am uneasy about leaving my retirement funds with an organization that is already so financially strapped. I will have [...] |
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