February, 2014

25
Feb
2014

California pension rate hikes loom after CalPERS vote

Categories: California Developments

California and many of its cities will soon be paying more for public pensions after the state's giant retirement system voted to change the way it calculates contributions. The move by the board of the California Public Employees' Retirement System (Calpers) - the world's biggest public pension fund with assets of $277 billion - was welcomed by the state's Democratic governor, Jerry Brown, who had been pushing for Calpers to act more aggressively in how it funded the provision of pensions for city and state workers. But higher pension contributions are bound to be met with angst by some California cities, which say they are already struggling to meet Calpers's rate demands.

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