CalPERS

CalPERS Recommends Changes to Funding Policy

CalPERS Recommends Changes to Funding Policy

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NEWS RELEASE 03/11/13 by CalPERS

CalPERS Announces PEMHCA Minimum Contribution for 2014.

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CalPERS Discusses Possible Changes to Funding Policy

Alan Milligan, CalPERS Chief Actuary, made a presentation to CSMFO on February 22nd, preceded by a CalPERS Board workshop on the 21st. The presentation discussed potential changes to the contribution methodology that will likely result in much higher contribution rates and higher volatility in normal years but much less contribution volatility for extreme events. These would likely first impact FY 15/16 contribution rates.

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Creation of Two New Risk Pools due to the Public Employees’ Pension Reform Act 11/14/12

CalPERS staff has recommended to the CalPERS Board that two new risk pools be created in response to PEPRA. Risk pools apply to plans of employers with less than 100 active members. One risk pool would be created for new miscellaneous members subject to PEPRA’s 2% at 62 formula, and the second would be for new safety members subject to any of the new PEPRA benefit formulas. This proposal will be considered at the Pension and Health Benefits Committee meeting November 14, 2012.

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Recommended Reading 10/31/14

“The Challenges of Pension Reform” by Tony Oliviera covers the historical basis and evolution of California public pension plans. Aimed at people involved in pension decision-making, the paper addresses contains a good background discussion of retirement and pensions and then discusses the current issues and potential alternatives. Although written before AB 340, the paper is still relevant today.

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PEPRA Summary for CalPERS Agencies 10/2012

Issues & projections of effects on future contributions.

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