Thursday, September 24 | Volume 40 No 28

Westsidestory Newspaper

Gov. Newsom Vetoes McKinnor’s Bill to Expand First Responder Pension Benefits

Gov. Gavin Newsom vetoed legislation that would have expanded retirement benefits for certain California public safety workers, citing concerns about increased costs and potential risks to the state’s retirement system. “I’m returning Assembly Bill 1383 without my signature,” Newsom wrote in his veto mes sage to the California State Assembly. Newsom said the legislation would have partially reversed reforms enacted under the California Public Employees’ Pension Reform Act, or PEPRA, which took effect in 2013. “This measure would partially reverse some of PEPRA’s reforms and significantly increase state and local government costs,” the gover nor wrote. “Moreover, by widening the retire ment benefit gap between safety members and non-safety members, this measure invites fu ture changes that would expose our retirement system to additional risks.” Assemblymember Tina McKinnor (D-Ingle wood) authored Assembly Bill (AB) 1383. About 500 California public safety workers gathered at the State Capitol on Sept. 14 to urge Newsom to sign the bill. Anthony Gamble, a Sacramento Police De partment public information officer and media

By Antonio Ray Harvey | California Black Media

See "Gov. Newsom Vetoes..." page 7

African Banks Make Global Top Performers List

NATIONAL--- Forbes has named 22 African banks from 13 countries across the continent among the world’s top performers in its inau gural ranking. The list covers 500 banks from 89 countries and scores institutions on financial strength rather than size. Banks were assessed on profitability, growth and earnings quality, capital and funding resilience, and asset qual ity and efficiency. Eligible institutions needed more than $3 billion in assets, among other re quirements. Egypt and Kenya had the largest representation among African countries, with four banks each, while Nigeria, Tanzania, and Tunisia each had two. The National Bank of Egypt was the continent’s only representative among banks with $100 billion to $500 billion in assets. The list also included institutions from Ethiopia, Algeria, Mauritius, South Afri ca, Gabon, Morocco, the Democratic Republic of Congo, and Namibia.