Last week, CalPERS issued Circular Letters informing school and state employers of their expected contribution rates for the 2017-18 fiscal year. These rates go into effect with the first payroll period that ends in July 2017.
School employers will contribute 15.531% of compensation, an increase from the current 13.888%. Total contributions will rise from nearly $1.7 billion to $2 ...
As reported by the Sacramento Bee, last week the California Senate’s Public Employment and Retirement Committee voted down by a three-two margin Senate Bill 32, which had been aimed at reducing public pensions’ unfunded liabilities. Republican Senator John Moorlach from Costa Mesa brought the bill; many union representatives testified against it.
SB 32 was modeled after last year’s climate change ...
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