The California Public Employees’ Retirement System finance committee is recommending the full board increase retirement contributions to members. Overall funding levels for the state and school pension plans would increase by 6 percent. That would raise the state’s contribution by about $487 million, bringing its total payment for next year to about $4.75 billion.
The committee says employees living longer, increased state payroll and changes in actuarial assumptions contributed to the increased contribution rates.
The full board is expected to approve the recommendations tomorrow.
This story has been updated. An earlier version incorrectly stated the contibution rate would increase by 6 percent. It would actally increase by 10 percent for the state and school plans.