To shore up rapidly deteriorating finances, CalPERS will consider significantly reducing its investment forecast in a long-overdue move that could shake up government retirement funds across the country.
The reduction would mean that local governments and the state would be required to contribute more to the California Public Employees’ Retirement System, the nation’s largest pension plan.
Public employee unions object because that would leave government agencies with less money for salaries and benefits. But the move would slow the soaring growth in pension debt for which California taxpayers are liable.
View Article