The latest from the NO campaign

Sacramento, CA – The California Public Employee Retirement System (CalPERS) Board officially voted on Wednesday to oppose the Taxpayer Deception Act, a misguided ballot measure placed on the November 2024 ballot by corporations and big real estate companies through the California Business Roundtable (CBRT) and California Business Properties Association.

 Under the guise of reform, the Taxpayer Deception Act limits the ability for voters and state and local governments to fund services by making it harder to raise revenue and pass future ballot measures. It’s also retroactive to January 1, 2022, invalidating more than 100 ballot measures and new laws. By gutting state and local government budgets, the measure threatens the  guarantee of a dignified retirement and healthcare security for millions of Californians who dedicated their lives to public service.

 CalPERS’ clear opposition to this initiative comes as a major blow to the California Business Roundtable (CBRT), whose member corporations benefit from a healthy chunk of the pension fund’s investments: nearly $12 billion. CBRT is made up of some two-dozen powerful corporations and multi-billion-dollar real estate interests in which CalPERS invests retirees’ life savings, these include Blackstone, Kilroy Realty, Hudson Pacific Properties, PepsiCo, Chevron, and Wells Fargo.

 “It’s shocking and appalling that the same multi-billion-dollar real estate interests seeking to invest CalPERS members’ money are trying to defund those same members’ pensions,” said Theresa Taylor, CalPERS Board President. “As a CalPERS Board member and member of SEIU Local 1000, my life’s work is to protect retirement security for state and local government workers.”

 “No one who has dedicated their lives to public service should be worried about being able to retire in dignity, but that’s exactly the situation the Taxpayer Deception Act would create by putting the hard-earned retirement dollars of firefighters and nurses at risk,”  said David Miller, Chair, CalPERS Investment Committee. “Additionally, the measure would eviscerate funding for schools, crippling access to quality education for generations to come and threatening every opportunity our kids have to succeed.”

 “The Taxpayer Deception Act could pull the rug out from underneath millions of public servants who have worked their whole lives to retire with dignity,” said Fiona Ma, California State Treasurer and CalPERS Board member. “This measure’s cynical attack on California would come at a cost workers can’t afford to pay.”

 “Having worked in education for many years, I know firsthand how much Public School Employees count on a secure retirement through their golden years,” said Kevin Palkki, CalPERS Board member. “Not only does the Taxpayer Deception Act threaten state and local government funding for emergency response and badly needed social safety net programs to address homelessness — it puts millions of public servants at risk of a well-deserved retirement.” 

“The Taxpayer Deception Act would rob the same workers who power California’s biggest economies and world-class cities of a chance to enjoy their golden years with dignity,” said Ramón Rubalcava, Chair, CalPERS Health and Benefits Committee. “A strong public retirement system is a promise California has kept for generations, but this reckless measure puts the futures of countless hardworking people at risk. It’s just wrong for California.”

 “The Taxpayer Deception Act invalidates more than 100 ballot measures and new laws already passed by voters, devastating local and state government funding for everything from paid family leave to emergency response to homelessness services,” said Yvonne Walker, CalPERS Board member. “Every single Californian will feel the aftershock of this disastrous ballot measure.”

 “A serious threat to pension and retirement funds at the state and local level will be on the November ballot, in the form of the Taxpayer Deception Act,” said Mulissa Willette, CalPERS Board Member. “As written, this careless initiative jeopardizes our ability to meet pension obligations – breaking the promise of a dignified retirement and badly-needed healthcare benefits for millions of current and future retirees.”