CalPERS eyes higher contribution rates
By Dale Kasler, Sacramento Bee
CalPERS is preparing more pension rate hikes, and they could cost government agencies billions of dollars.
With consultants predicting long-term declines in investment earnings, the big California pension fund is considering substantially higher contribution rates for the state and the thousands of municipalities and school districts that rely on CalPERS to serve their retirees. Workers could get hit with higher contributions, too, although that would depend on contract negotiations.
A decision isn’t likely until February, but CalPERS’ deliberations are already causing anguish to employers, employees and the pension fund itself. The move will surely cause more budget strain for government agencies, particularly at the local level, even though the higher rates are likely to be phased in over a number of years.
It’s the policy makers, elected official, who created this problem. but they are long gone. CalPERS pays 3 to 4 times what social security pays, and social security is going broke. The policy makers get elected by raising money from the beneficiaries of these benefits. Ca. will pay for this by raising taxes and fees and cutting police, fire, and other services until they have to file BK, because it really is unsustainable.
These are the ‘local’FAT’ cats. Your friends and neighbors that drive Range Rovers, R.V.’s and HumV’s. Their kids have orthodontics,fancy computers and go to expensive colleges.
Yes you know them…you elected them…
it’s called claw back…don’t let them go bankrupt.
Get your money back now.