Gov. Jerry Brown on Wednesday urged CalPERS, the massive public employee pension fund, to move more quickly to address the increasing life expectancy of state employees, saying longer-lived retirees will drive pension costs up $1.2 billion a year.
In a letter to Rob Feckner, president of CalPERS' board, Brown called "unacceptable" a CalPERS staff recommendation he said would have the board "wait two full years before taking action." Fund staff previously raised concerns about the cost of raising contribution rates, recommending increases not take effect until 2016.
Wednesday, February 05, 2014
The Sacramento Bee reports:
Posted by Steve Bartin at 6:05 PM