Savings Plus Program: An Optional Retirement Benefit for State Employees

Mar 14, 2017 - The state currently does not contribute money to employees ’ SPP accounts —either in the form of a match or otherwise. Employees who choose to participate in the program determine (1)  how much money to save, (2)  how to invest the money they have saved, and (3)  how to use these funds in retirement.
https://lao.ca.gov/Publications/Report/3616

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

May 16, 2017 - The Investment Division of the State Treasurer ’s Office manages the PMIA and invests its money in safe instruments. The PMIA is governed by the Pooled Money Investment Board (PMIB), which includes the Treasurer, the Controller, and the Director of Finance.
https://lao.ca.gov/Publications/Report/3673

The 2025-26 Budget: Concession Bargaining

May 19, 2025 - The first is payment towards the “normal cost, ” which is the amount of money that actuaries determine (based on actuarial assumptions like expected investment returns on assets) must be contributed to prefund the benefit earned by employees today.
https://lao.ca.gov/Publications/Report/5047

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

MOU Fiscal Analysis: Bargaining Unit 8 (Firefighters)

Jan 23, 2017 - CalPERS expects investment returns over the next decade to be lower than past returns. At its December 2016 meeting, the CalPERS board voted to change a key assumption used in calculating how much money employers and employees must contribute to the pension system each year.
https://lao.ca.gov/Publications/Report/3534

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

Jan 10, 2017 - CalPERS expects investment returns over the next decade to be lower than past returns. At its December 2016 meeting, the CalPERS board voted to change a key assumption used in calculating how much money employers and employees must contribute to the pension system each year.
https://lao.ca.gov/Publications/Report/3520

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 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

MOU Fiscal Analysis: Bargaining Unit 16 (Physicians)

Mar 14, 2017 - The agreement deposits these payments into a dedicated account in an invested trust fund managed by CalPERS. This account would generate earnings and gradually reduce unfunded liabilities over the next three decades or so.
https://lao.ca.gov/Publications/Report/3617