Source: CalPensions
News
Feb. 1, 2017
The rate increase is expected to take $400 a year from the average salary of $40,000 for the new teachers. About $200 a year would have been taken if the earnings forecast had been lowered to 7.25 percent as actuaries recommended, a 0.5 percent rate increase. . . Ingram said school districts project that “before long” 25 to 33 percent of their general funds will be taken by retirement and health benefits. . . Carlos Machado of the California School Boards Association said his group expects the combined CalSTRS and CalPERS rate increases to add $1.8 billion to the annual $60 billion cost facing school districts.
News
Jan. 27, 2017
"Actuaries are recommending that one of the state’s oldest public pension systems, the California State Teachers Retirement System formed in 1913, lower its investment earnings forecast from 7.5 percent to 7.25 percent. If the newly empowered CalSTRS board adopts the lower forecast next week, state rates paid to the pension fund would increase by 0.5 percent of pay, an additional $153 million bringing the total state payment next fiscal year to $2.8 billion."
News
Jan. 16, 2017
State payments to CalPERS next fiscal year are expected to total $6 billion, nearly double the $3.2 billion paid six years ago before a wave of employer rate increases. . . Meanwhile, what had been the fastest-growing annual retirement cost in the budget, retiree health care for state workers, only increased by about half during the last six years, going from $1.5 billion in fiscal 2011 to $2.2 billion next year.
News
Jan. 9, 2017
A second appeals court panel has unanimously ruled that the public pension offered at hire can be cut without an offsetting new benefit, broadening support for what pension reformers call a “game changer” if the state Supreme Court agrees.
News
Jan. 2, 2017
New annual CalPERS reports no longer prominently display the pension debt of local governments as a percentage of pay, making it more difficult for the public to easily see the full employer pension cost.
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