California Governor Decries Calpers Vote On Pensions

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California Governor Decries Calpers Vote On Pensions

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California Governor Decries Calpers Vote On Pensions

by Wochit 1:12 mins

California Governor Decries Calpers Vote On Pensions

by Wochit 1:12 mins

California Governor Jerry Brown decried a move by the state's giant public pension fund on Wednesday to include temporary pay hikes in the way pensions are calculated for newly hired workers. The board of the California Public Employees' Retirement System, America's largest pension fund, voted to approve nearly 100 types of extra pay that will count towards pensions for workers hired since 2013. In 2012, Brown passed a reform law, called the Public Employees' Pension Reform Act, aimed at reducing pension payments for newly hired workers, at a time when cash-strapped California cities are straining to pay rising retirement costs. Critics say the vote by Calpers will increase pension costs for the state, and its cities. Workers' pensions are calculated on the total amount of their monthly income. Brown, a Democrat, sent a letter to Calpers last week asking them not to allow temporary upgrade pay to count toward pensions. On Wednesday, the Calpers board rejected Brown's opposition and voted to pass all 99 pay provisions, including that temporary pay hikes can be factored into a final pension.

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