Public Agency Risks Grow Under New Calif. Pension Law

By Steven Berliner (October 8, 2021, 1:25 PM EDT) -- California public agencies are still reeling after years of rapidly escalating pension costs[1] with no end in sight.

These costs are expected to increase in the future,[2] despite passage of pension reform legislation in 2012, smaller workforces and efforts to modify how public employees are compensated to have the least impact on pension costs. The level of services that public agencies can provide may shrink as more and more of their resources go toward paying pension costs.

For the majority of California public agencies that contract with the California Public Employees' Retirement System to administer their employees' pensions, new legislation may...

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