April, 2012

…CALPERS TO PHASE IN CONTRIBUTION RATE INCREASES

Last month we reported that the PERS Board voted to lower its expected rate of return (discount rate) for investments from 7.75% to 7.5%. That assumption change will result in employer rate

Moorpark Unified School District officials, in an effort to reward senior faculty members for their service and save the district around $ 100,000 in payroll over the next five years, are encouraging about 90 teachers to retire early with a special incentive.

The California Public Employees’ Retirement System (CalPERS) Board of Administration today adopted a policy to phase in the impact on employers of last month’s change in economic assumptions.

At its regular meeting on April 9, the Cypress City Council voted 4-1 in favor of accepting language proposed by Public Agency Retirement Services (PARS) for a supplemental retirement plan (SRP) to implement an early retirement program.

Fifty-seven teachers, counselors, administrators and other school staff will retire early under the Santa Barbara Unified School District’s incentive program, which is expected to save the district $600,000 over the next five years.