Retirement System (CalPERS) is rapidly increasing mandatory contributions into its pension trust fund to make up for those losses, cope with a host of rising expenses and, it would appear, stave off the prospect of its own insolvency.
City managers, facing annual increases in contributions of 15-plus percent, are feeling the squeeze, which a new Stanford University study finds is crowding out “resources needed for public assistance, welfare, recreation and libraries, health, public works, other social services, and in some cases, public safety.”
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