SB 681 will give local jurisdictions the ability to leave their contracts with the California Public Employees' Retirement System (CalPERS) for their employees’ retirement plans without being excessively charged or penalized.
This bill will allow jurisdictions that contract with the California Public Employees Retirement System (CalPERS) for their employees’ retirement plans to leave their defined benefit plan without excessive costs, penalties, etc. If contract jurisdictions believe they can contract or run their own retirement system cheaper or more effectively, they should have the ability to leave CalPERS without being excessively penalized. It is fair to get out what you paid in with minor fees associated. But being unreasonably punished should not be encouraged.
- Governing : Think Public Pensions Can’t Be Cut? Think Again, 4/26/2017
- Bloomberg: Don't Mess Around With Government Pensions: "Those taxpayers have a right to decide how much they’re willing to spend on the people employed by their municipality or state. Hiding the true cost of that compensation by lowering the pension funding requirements -- while simultaneously relying on an unpriced, undisclosed call option on their future earnings to make the math work -- is both unfair and undemocratic."
- East Bay Times: City managers concerned pensions will cause more bankruptcies
- Voice of San Diego: Despite a Strong Economy, Budgets Are Breaking Across San Diego County
- Marin Independent Journal, Editorial: Supervisors should heed budget warning
- The Press Democrat: Sonoma County supervisors look to create new citizens’ pension reform committee
- SacBee: Cities, counties and schools feel sharply increasing pension costs
- ZeroHedge: CalPERS Threatens To Slash Pension Benefits By 63% For Some Unfortunate East San Gabriel, California Workers
- East Bay Times: Despite booming economy, Oakland finances deteriorate
- Santa Monica Daily Press: Too late to turn the tide on Santa Monica salaries
- California Policy Center: California Fire Districts are Morphing into Retirement Plans
- SacBee: Why California cities and counties should act scared by pension payments
- East Bay Times: CalPERS, unions deceiving public about pensions
- Inyo County decides on CalPERS payments
- SB 681: Bloomberg: California Cities' Pension Tab Seen Almost Doubling in 5 Years
- LA retirees lose last-ditch appeal for pensions at CalPERS, Adam Ashton – SacBEE, 4/18/17
- The Sacramento Bee: Faced with deep cuts to their pensions, these California retirees are asking CalPERS for help
- LA Times: Cutting jobs, street repairs, library books to keep up with pension costs
- CalPERS: CalPERS Finds the City of Loyalton in Default for Non-Payment of Pension Obligation
- San Diego Union tribune: Loyalton's pension default is a wake up call
- Fox Business: CalPERS Cuts Pension Benefits For First Time
- The Sacramento Bee: CalPERS says town defaulted on pension debt. What’s next for tiny Loyalton?
- Clearing Up Public Pension Accounting
- CalPERS set to slash pensions for nearly 200 workers