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The California Rule is a legal doctrine requiring that government workers throughout the state of California receive the pension benefits that were in place on the day they were hired, and that those benefits cannot be reduced (though they can be increased); meaning that mandatory employee contributions cannot be increased, nor can cost-of-living allowances be decreased, not even for not-yet ...
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 ...
(Bloomberg) -- California cities and the state could see their annual pension bills rise as much as 12% because high inflation will lead to cost-of-living adjustments for retirees and pay ...
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".
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.
Public pension systems are investing billions of dollars into private equity funds that purchase apartments and often sharply raise rent, an L.A. Times investigation found.
Recession fears raise risks for California's public pension funds.
The legislation also has a range of smaller changes to the retirement system, including new tax credits to help small businesses set up their own IRA or Simplified Employee Pension (SEP) plans for ...