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.
Fred Buenrostro Jr. pleaded guilty in San Francisco federal court to fraud and bribery charges stemming from his time as chief executive of the California Public Employees’ Retirement System from 2002 to 2008.
One of the nation’s largest public pension funds moved Yolo County into the Sacramento region, but left nearly half a dozen others in its Bay Area region, despite the fact some are more than 100 miles away.
A public employee who lives in Sacramento could see their health care coverage cost jump as high as 15 percent just by moving a few miles to West Sacramento.
Projections show workers are expected to live an average of as much as two years longer, driving up the cost of paying benefits to people until they die. Women retiring at age 55 in 2028 are expected to live to 87.
He urged California’s largest public pension fund to act quickly to address rising costs saying failure to do so would widen the fund’s liabilities by billions of dollars.
In Gov. Jerry Brown’s promise to start paying off California’s massive liabilities, the largest single unfunded debt will not be seeing any additional pay-down in the coming fiscal year.
The council will vote on Tuesday whether to pursue an eminent domain claim on the old Macy’s building to make way for a Sacramento Kings arena.
Elk Grove will be forking out an additional $1.5 million dollars a year to cover increasing public pension costs.
Federal officials have charged the former head of the nation’s largest pension fund and one of his business associates in an influence peddling and bribery case.
California’s largest public pension fund has voted to lower its estimate for annual investment returns, meaning it will need more money from the state, school districts and local governments to maintain its ability to fund promised retirement benefits.
The chief actuary of California’s main pension fund is urging it to lower its assumed rate of return on investments. That likely would force the state and 3,000 local agencies to increase their annual contributions.