Savings Plus Program: An Optional Retirement Benefit for State Employees

Mar 14, 2017 - When a worker retires, he or she receives monthly Social Security benefit payments based on how old they are when they begin receiving Social Security benefits and how much money they earned during their career (up to the wage limit mentioned above).
https://lao.ca.gov/Publications/Report/3616

The 2025-26 Budget: Concession Bargaining

May 19, 2025 - The California Public Employees ’ Retirement System (CalPERS) determines how much money must be contributed each year to fund the pension benefit. There are two components of the total contribution to CalPERS.
https://lao.ca.gov/Publications/Report/5047

MOU Fiscal Analysis: Bargaining Unit 8 (Firefighters)

Jan 23, 2017 - In addition to the discount rate, CalPERS includes many other actuarial assumptions in its calculations to determine the state ’s costs, including assumptions about how quickly payroll grows. Payroll is affected by (1) the number of people employed by the state and (2) the amount of money these employees earn.
https://lao.ca.gov/Publications/Report/3534

MOU Fiscal Analysis: Bargaining Unit 6 (Corrections)

May 30, 2018 - CalPERS includes a variety of actuarial assumptions in its calculation to determine the state ’s costs, including assumptions about how quickly payroll grows. Payroll is affected by (1)  the number of people employed by the state and (2)  the amount of money these employees earn.
https://lao.ca.gov/Publications/Report/3847

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

May 16, 2017 - The administration could be required to provide (1) its best estimates of how much money special funds will need to borrow from the General Fund to make their payments, by year, and how their repayments to the General Fund will be structured, and/or (2) specific plans to change each affected special fund ’s revenues or spending to cover these shortfalls.
https://lao.ca.gov/Publications/Report/3673

COVID-19: Unemployment Insurance for Workers Impacted by COVID-19

Mar 23, 2020 - The amount of UI benefits a worker receives depends on how much they earned in the period leading up to their unemployment. Benefits are available for up to 26 weeks . To fund the benefits, employers pay a payroll tax on the first $7,000 of employee wages.
https://lao.ca.gov/Publications/Report/4208

MOU Fiscal Analysis: Bargaining Unit 6 (Corrections)

Sep 7, 2023 - The normal cost is the amount of money that actuaries determine must be set aside for the benefit employees earn today so that the contribution and any future investment returns on that contribution are sufficient to pay for the benefit after the employee retires.
https://lao.ca.gov/Publications/Report/4800

The 2024-25 Budget: Proposition 2 Debt Payment Proposals

Mar 20, 2024 - Supplemental Pensions Payments Employers May Contribute Any Amount of Money Above What Is Required. Pension boards determine —either according to actuarial standards or statutory requirements —how much money employers must contribute to the pension system each year to address any existing unfunded liabilities.
https://lao.ca.gov/Publications/Report/4887

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 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