Savings Plus Program: An Optional Retirement Benefit for State Employees

Mar 14, 2017 - (A person can contribute to both plans without contributing the maximum amount to either plan.) About 20  percent of the participants making regular contributions to SPP in 2014 ‑ 15 —more than 18,350 participants —regularly contributed money to accounts in both plans.
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

MOU Fiscal Analysis: Bargaining Unit 8 (Firefighters)

Jan 23, 2017 - This lower discount rate means that CalPERS calculations of plan assets and liabilities will assume investments have lower returns. By assuming less money comes into the system through investment gains, the state will be required to contribute more money to pay for higher normal costs and a larger unfunded liability.
https://lao.ca.gov/Publications/Report/3534

The 2024-25 Budget: Proposition 2 Debt Payment Proposals

Mar 20, 2024 - A supplemental pension payment allows pension systems to invest more money sooner. This, in turn, allows for higher investment returns than otherwise would be the case. These higher investment returns reduce future required contributions from employers to the unfunded liability than would otherwise be the case.
https://lao.ca.gov/Publications/Report/4887

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

Jan 10, 2017 - This lower discount rate means that CalPERS calculations of plan assets and liabilities will assume investments will have lower returns. By assuming less money comes into the system through investment gains, the state will be required to contribute more money to pay for higher normal costs and a larger unfunded liability. . . .
https://lao.ca.gov/Publications/Report/3520

MOU Fiscal Analysis: Bargaining Unit 6 (Corrections)

Sep 7, 2023 - In both types of plans, employers and employees might make contributions towards the plan over the course of employees ’ careers. The primary difference between the two plans is (1)  who makes investment decisions and (2)  who bears the risk of investment losses.
https://lao.ca.gov/Publications/Report/4800

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 16 (Physicians, Dentists, and Podiatrists)

Jul 14, 2025 - The reduced amount of money invested in the trust fund will result in higher unfunded liabilities in the long-run. In most of the agreements, the state ’s contributions towards the benefit would be fully restored in 2027-28.
https://lao.ca.gov/Publications/Report/5064

A Review of the CalSTRS Funding Plan: Conclusion

Feb 2, 2016 - No matter what the Legislature decides, tackling this very difficult issue will continue to require billions of dollars in contribution rates above what the state, districts, and teachers will make to CalSTRS this year.
https://lao.ca.gov/Publications/Report/3339

MOU Fiscal Analysis: Bargaining Unit 9 (Professional Engineers)

Sep 4, 2015 - We previously expressed concerns (refer to Page 10 of this pdf ) with making changes to retiree health benefits through the collective bargaining process, which allows for only limited legislative involvement.
https://lao.ca.gov/Publications/Report/3296