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The California Public Employees' Retirement System, or CalPERS, the nation's largest state pension fund, experienced a 6.1% investment loss in the fiscal year that ended June 30. It was the first ...
Public pensions collect contributions from workers, local government employers and sometimes the state, and invest the money with the hope of earning enough to pay workers when they retire.
In many states, public employee pension plans are known as Public Employee Retirement Systems (PERS). Pension benefits may or may not be changed after an employee is hired, depending on the state and plan, as well as hiring date, years of service, and grandfathering. Retirement age in the public sector is usually lower than in the private sector.
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The California Public Employees' Retirement System (CalPERS) is an agency in the California executive branch that "manages pension and health benefits for more than 1.5 million California public employees, retirees, and their families".
Recession fears raise risks for California's public pension funds.
The proposal “fundamentally changes the state’s retirement benefit,” according to the Legislative Analyst’s Office. California to fund 401(k)s for prison guards on top of CalPERS pension ...
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