Following Jerry Brown’s footsteps, Gov. Gavin Newsom announced Thursday he wants to make extra pension payments even as California’s retirement liabilities for state workers and teachers top $256 billion.
In unveiling his first budget, flush with a surprisingly large surplus from a robust economy, Newsom said he wants to put an extra $3 billion into the California Public Employees’ Retirement System (CalPERS) and an extra $2.9 billion over four years into the California State Teachers’ Retirement System (CalSTRS).
His administration estimates the extra payments would generate a savings of $7.2 billion in CalPERS over the next three decades and $7.4 billion in CalSTRS over the same period.
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