Los Angeles Times Author: Marc Lifsher, Los Angeles Times Article Mentions
Author, Marc Lifsher, Los Angeles TimesMentioned, Jerry Brown Mentioned, Howard Schwartz Mentioned, Truth Hurts Mentioned, Marcia Fritz
Reporting from Sacramento Taxpayers probably are going to be paying more for state government and school district employee pensions beginning in July. A committee of the California Public Employees' Retirement System board voted 6 to 2 on Tuesday to cut the assumed annual rate of return on investments that it uses to calculate the contributions that need to be collected from the state and some 2,000 other public agencies.The committee set the new benchmark at 7.5%, down from a two-decade-old rate of 7.75% but higher than the 7.25% recommended by its own chief actuary, Alan Milligan.The change, if approved Wednesday by a majority of the 13-member board, would cost the state general fund an additional $167million a year, boosting the total bi...(read more)
... Reporting from Sacramento Taxpayers probably are going to be paying more for state government and school district employee pensions beginning in July. A committee of the California Public Employees' Retirement System board voted 6 to 2 on Tuesday to ...
... administration has sent the Legislature a 12-point plan to overhaul the state's increasingly expensive and under-funded public pensions systems.Howard Schwartz, ...
... Brown's representative on CalPERS' board, voted for the less-drastic reduction, even though it would add to a projected $9.2-billion deficit in next year's state budget.Schwartz, chief deputy director of the Department of Personnel Administration, an ...
... but it was the truth."CalPERS is the largest public pension fund in the nation, with investments valued at $236 billion. Its various retirement funds have 55% to 75% of the money needed for future retirees. Pension experts consider 80% to be a min ...
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