In theory, the high-wage jobs of the technology industry could be filled by people working anywhere. But in practice, the best tech jobs in the U.S., offering salaries in excess of $100,000 a year, are becoming increasingly concentrated in the metropolitan areas of just eight cities, according to new research. The eight leading U.S. tech hubs account for slightly less than 10% of U.S. jobs and about 13% of overall job postings. But the cities — Seattle, San Francisco, San Jose, Austin, Raleigh, Washington, Baltimore and Boston — account for more than 27% of the listings for U.S. tech jobs, research from Jed Kolko, the chief economist of the job-search website Indeed, shows.
The state Supreme Court will review San Diego’s five-year-old pension cutbacks that, if overturned, would require the city to spend millions creating retroactive pensions for more than 3,000 workers hired since 2012. The court voted unanimously on Wednesday to review an April ruling by the Fourth District Court of Appeal that had vindicated the city and its pension cuts.
At a time when politicians and pundits decry the end of middle-class jobs, it may come as a surprise that there are 30 million jobs paying more than $35,000 a year for U.S. workers without four-year college degrees. Now for the bad news: there are 75 million U.S. workers without college diplomas, or 2.5 workers for every one of those good jobs, meaning that high-school grads have far lower odds of winning the career lottery than they did 25 years ago, according to a new report from Georgetown University’s Center on Education and the Workforce. . . The number of good jobs for noncollege graduates rose to 30 million in 2015 from 27 million in 1991, but the labor market grew, too. By 2015, the share of all good jobs that went to noncollege graduates fell to 45% from 60% in 1991—leaving 45 million workers in low-paying, sometimes part-time roles that don’t offer a path to the middle class.
California’s second-largest public pension fund rode a booming stock market to post its best year of investment returns since 2014.
The California State Teachers’ Retirement System gained an investment return of 13.4 percent for the budget year that ended June 30.
The earnings eclipsed the 1.4 percent net return that CalSTRS reported a year ago, and the 4.8 percent gain the pension fund notched in the fiscal year that ended on June 30, 2015.
Workers who retire from the Los Angeles Department of Water and Power enjoy a higher monthly pension, on average, than retired public employees from the city and county, according to an audit released this week by City Controller Ron Galperin. LADWP retirees received an average monthly pension payment of $5,212 in the fiscal year ending July 1, 2015, the audit said. That figure is higher than the $4,023 average monthly payment for other city retirees and the $3,881 pension amount per month for retired county workers, amounts that are used as comparisons in the audit performed by contractor, Aon Hewitt Investment Consulting.