Threat to State Workers’ Pension Perk Causes Rush at CalPERS

From the Sac Bee:

California government employees, fearing that lawmakers may soon shut down a controversial program that boosts their retirement payouts, have flooded the state’s largest pension system with inquiries and requests to purchase the benefit.

More than 12,000 members of the California Public Employees’ Retirement System asked for price estimates to buy additional retirement service credit – sometimes called “airtime” – during the fiscal year that ended June 30. That was up 23 percent from 2009-10.

The trend continued this year, with roughly 1,000 workers making airtime cost requests in July and again in August, according to Cal-PERS.

(Read Full Article.)

Speak Your Mind