04/19/2018

News

CalPERS state worker rate increase: $602 million

CalPERS actuaries recommend that the annual state payment for state worker pensions increase $602 million in the new fiscal year to $5.35 billion, nearly doubling the $2.7 billion paid a decade ago before the recession and a huge investment loss.

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New Rules Try to Spotlight Hidden Retirement Debt

The purpose of the new rules was briefly outlined last week by the accounting board chairman, David Vaudt . . . “Previously, what happened under current standards is that the pension and OPEB liabilities appeared in the footnotes of the financial statement, and regretfully that didn’t get the attention of the policymakers, the mayors and councils, the governors and the legislators,” Vaudt said.

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New Rules Try to Spotlight Hidden Retirement Debt

The purpose of the new rules was briefly outlined last week by the accounting board chairman, David Vaudt . . . “Previously, what happened under current standards is that the pension and OPEB liabilities appeared in the footnotes of the financial statement, and regretfully that didn’t get the attention of the policymakers, the mayors and councils, the governors and the legislators,” Vaudt said.

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CalPERS Report: Pay Hike to Offset Pension Cuts?

A CalPERS report intended for policymakers, noting that a reform cuts $435 a month from the pensions of many new hires, suggests that a pay raise may be needed to “compete for quality employees.”

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