The 2017-18 Budget: Governor’s CalPERS Borrowing Proposal

May 16, 2017 - Contribute Money to CalPERS Over Course of 2017-18. The administration proposes depositing the borrowed money with CalPERS on a periodic basis throughout the 2017-18 fiscal year to accommodate cash flow needs.
https://lao.ca.gov/Publications/Report/3673

Savings Plus Program: An Optional Retirement Benefit for State Employees

Mar 14, 2017 - In the case of a loan, participants borrow money from their account and pay the money back —with interest —over time. (We discuss loans in greater detail later in this report.) While accessing this money before retirement can help participants address immediate cash needs, it also can significantly reduce their account ’s growth potential and, ultimately, the amount of money available to them in retirement.
https://lao.ca.gov/Publications/Report/3616

MOU Fiscal Analysis: Bargaining Units 1, 3, 4, 11, 12, 13, 14, 15, 17, 18, 19, 20, and 21

Jan 10, 2017 - Because the state ’s retiree health benefit is the same for an employee earning $30,000 as it is for an employee earning $100,000, the amount of money needed to prefund the benefit represents a larger share of a lower-income worker ’s salary.
https://lao.ca.gov/Publications/Report/3520

MOU Fiscal Analysis: Bargaining Unit 6 (Corrections)

May 30, 2018 - Leave Cash Outs Leave Cash Outs Reduce Long-Term Liability. The average state employee earns a significant number of days off each year. In recent years, the state has made efforts to encourage employees to use more leave.
https://lao.ca.gov/Publications/Report/3847

MOU Fiscal Analysis: Bargaining Unit 8 (Firefighters)

Jan 23, 2017 - Payroll is affected by (1) the number of people employed by the state and (2) the amount of money these employees earn. CalPERS assumes that payroll will grow each year by 3  percent. When payroll grows faster than 3  percent, the state ’s pension unfunded liabilities grow, resulting in higher annual costs for the state to pay off a larger unfunded liability.
https://lao.ca.gov/Publications/Report/3534

MOU Fiscal Analysis: Bargaining Unit 6

Jun 14, 2019 - Part of the state ’s contribution goes towards the “normal cost ” —the amount of money that actuaries determine is necessary (combined with assumed future investment earnings) to pay the cost of pension benefits that employees earn in a given year.
https://lao.ca.gov/Publications/Report/4078

MOU Fiscal Analysis: Bargaining Unit 2 (Attorneys and Hearing Officers)

Aug 29, 2016 - Increases Allowable Annual Cash Out of Vacation and Annual Leave. The current memorandum of understanding (MOU) permits Unit 2 members to cash out up to 20 hours of vacation or annual leave each year.
https://lao.ca.gov/Publications/Report/3495

MOU Fiscal Analysis: Bargaining Unit 16 (Physicians)

Mar 14, 2017 - Leave Cash Outs. Under the current MOU, Unit  16 members may not cash out vacation or annual leave until they separate from state service. To the extent authorized by department directors, the agreement would allow Unit  16 members to cash out up to 80 hours of unused vacation or annual leave each year.
https://lao.ca.gov/Publications/Report/3617

MOU Fiscal Analysis: Bargaining Unit 6 (Corrections)

Sep 7, 2023 - The actual cost will depend on how many employees cash out leave and how much leave they choose to cash out. Provisions From Past Agreements Not Included No Reopener if Other Units Get Higher Pay Increases.
https://lao.ca.gov/Publications/Report/4800

MOU Fiscal Analysis: Bargaining Unit 5 (Highway Patrol)

Aug 23, 2024 - As a pension system matures, its cash flow changes from a positive cash flow (more money coming into the system than is being paid out to beneficiaries) to a negative cash flow (more money is being paid out to beneficiaries than is coming into the system).
https://lao.ca.gov/Publications/Report/4920