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CalPERS Considers Proposal That Could Boost Pensions

CalPERS / calpers.ca.gov
 

CalPERS / calpers.ca.gov

Some newly hired state workers could see their pensions increase under changes being considered by the California Public Employees Retirement System.

But, the governor doesn’t support the changes.

On Tuesday CalPERS will hold a public hearing on whether some pension calculations should factor in compensation employees receive for things like professional certifications or holding a position for more than five years. The changes would only affect people hired on or after January 1, 2013.

One of the provisions being considered would allow temporary pay increases resulting from short-term promotions to count toward pensions.

In a letter to the CalPERS Board President, Governor Jerry Brown says that change disregards the pension reform law he signed in 2012. It stated pensions should be based on normal monthly pay. Brown urged the board to vote against the proposed regulations and redraft them without the temporary pay provision.

The CalPERS Board may vote on the changes on Tuesday.