The rate increase would not begin to phase in until fiscal 2015-16 for the local governments in the giant California Public Employees Retirement System, 1,567 public agencies with 2,044 retirement plans. “Contributions that we need for the system really depend on the funded status of the plan...
For FUTURE service they should be replace with something (a Cash Balance Plan or a 401K-style DC Plan) where the Taxpayer contribution is EQUAL TO (but no greater than ) what Private Sector workers typically get in retirement security contributions from their employers. That’s called FAIR & ...