CalPERS Board Gives Final OK to 50% Employer Rate Hike
On Wednesday, the CalPERS Board of Administration gave final approval to an employer rate hike of about 50% that will be phased in over five years. Board members say the change will fully fund CalPERS within 30 years. However, some observers warn that the change will place a greater burden on local governments.
- "CalPERS Approves Huge Pension Reform" (Ortiz, "The State Worker," Sacramento Bee, 4/18).
- "CalPERS Approves Changes That Increase Cities' Costs" (Quinton, "KXJZ News," Capital Public Radio, 4/17).
- "CalPERS Panel OKs 50 Percent Employer Rate Hike" (Mendel, Capitol Weekly, 4/17).