CalPERS Sets Up Pension Debate Information Center

The California Public Employees' Retirement System (CalPERS) announced this week a special Web resource on proposals to privatize State and public agency pensions.
"The Pension Debate Information Center" is intended to educate CalPERS members on existing programs and possible changes.

The proposals call for an end to the traditional defined benefit pensions for employees hired as of July 1, 2007. New employees would be placed in defined contribution plans that cap employer contributions and let employees invest in 401(k)-type pension funds. Under proposed legislation, existing public employees would remain in the present program, which guarantees retirement allowances set by formulas and financed mainly by returns on CalPERS investments.

The Governor also proposes in his 2005-06 budget an option that would allow present State employees to opt out of the CalPERS defined benefits program or keep their money on deposit, in which case the State would pay employees an extra stipend equal to what the State normally would have paid on their behalf. He further proposes that employees who remain in CalPERS double their contributions to the pension fund.

"We have received many member and employer requests for information about this topic. This new Web resource -- the Pension Debate Information Center -- will help our members stay abreast of developments and get information from CalPERS experts and others outside the System," said Robert Walton, CalPERS Assistant Executive Officer, Governmental and Administrative Services.

The Pension Debate Information Center includes research papers, fact sheets, CalPERS documents, and comparative studies of defined benefits and defined contribution plans.

To use the resource, visit www.calpers.ca.gov, select "About CalPERS," and "Pension Debate Information Center" under the "What's New" link.

You may like these other stories...

As the volume of account reconciliations continues to surge, most corporate accounting and finance departments in the United States and Canada are still using a labor-intensive process to make sure their accounts’...
The average starting salary for students graduating this year with a business major – including accounting – has declined slightly over the last year, according to the latest salary survey from the National...
No matter how much we may want to put them on hold, we all have projects at work we need to start, right? Well, according to a recent survey of human resources (HR) managers by Accountemps, the most productive day of the...

Already a member? log in here.

Upcoming CPE Webinars

Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.