CalPERS Committee Approves Higher Pension Calculations
SACRAMENTO, Calif. (AP) — A state pension fund committee has approved retirement calculations for new hires despite concerns about pension spiking raised by Gov. Jerry Brown and local governments.
The committee of the California Public Employees’ Retirement System board voted 6-2 Tuesday for nearly 100 types of pay that can be used for calculating pensions for workers hired after Jan. 1, 2013. The full board is expected to vote Wednesday.
A Brown administration official said counting extra pay given during short-term promotions goes against the intent of the governor’s 2012 pension reform law.
Chris McKenzie, executive director of the League of California Cities, also urged the board to review pay differentials that have grown “excessively.”
Employee representative JJ Jelincic supported the calculations, saying workers who earn the extra pay are entitled to be compensated.
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