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Coming to our local agencies soon - big increases in CalPers retirement contributions

Original post made by peter carpenter on Nov 24, 2010

PASADENA - The city will have to make up an unexpected shortfall of about $13.2 million through 2014 - including $6.9 million to the general fund - after CalPERS revised its retirement rates, officials said Monday.

"The immediate concern is that this sort of carefully crafted fiscal plan to get (the city's general fund) back into the black within five years is in jeopardy because of this unanticipated PERS shortfall," said Councilman Terry Tornek, referring to the city's plan to balance the general fund budget by 2014.
"We'll have to go back to the drawing board and recalibrate and figure out how to deal with it. There's no magic wand here."
CalPERS revised up the city's costs for fiscal years 2012, 2013 and 2014, after the agency did an in- depth analysis and determined that individuals in the system are retiring earlier and living longer, Green said.

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Ask your local agency what the impacts of these contribution increases will be for the next three years.

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