California Pension Rate Hikes Loom After Calpers VoteFebruary 18, 2014 – In The News
Michael Sweet was quoted in the Reuters article “California Pension Rate Hikes Loom After Calpers Vote.” While the full text can be found in the February 18, 2014, issue of Reuters, a synopsis is noted below.
California and many of its cities will soon be paying more for public pensions after the California Public Employees' Retirement System (Calpers) voted to change the way it calculates contributions.
According to Michael Sweet, higher pension costs will mean less money for cities to spend on other public services, including police and roads.
“Cities seem to be asked to pay what is necessary to make sure Calpers has the funds available to cover the pensions these cities promised their workers,” Sweet said.