With overall required contribution rates increasing at an alarming rate, most CalPERS employers – particularly those with significant “classic” safety populations – are looking for help to pay for these obligations....more
To prepare for and manage significantly increased CalPERS employer contribution rates in the coming years, California public agencies approved the establishment and funding of so-called “pension rate stabilization trusts.” ...more
Almost 4 years ago, we discussed an IRS private letter ruling that raised serious concerns about public agency money purchase pension plans. The ruling allowed employees to “opt-in” to, or elect, their own rate of employee...more
The California Supreme Court recently issued its decision in the Cal Fire Local 2881 v. CalPERS case – the first of six so-called “California Rule” (“Vested Pension Rights”) cases pending before the Court. The California...more
Many California cities and public agencies negotiate with — and reach memorandums of understanding with — their union bargaining partners on a regular basis. In some cases, these unions are local police or firefighter...more