CalPERS' headquarters in Sacramento. (Photo: Coolcaesar/en.wikipedia)A new CalPERS projection shows employer rates for the largest group of state workers increasing 27 percent over the next six years — but the focus is on the risk of how much things can change.
New government accounting rules will more than double the pension debt reported by CalSTRS, boosting an “unfunded liability” that is now about $71 billion to a newly calculated “Net Pension Liability” of $166.9 billion.
More money for the underfunded California State Teachers Retirement System may be considered by the Legislature next year, thanks to new attention from lawmakers and a state budget deficit narrowed by a voter-approved tax increase this month.
After years of ignoring pleas for a rate hike, the Legislature approved a resolution last August, SCR