The California Public Employees’ Retirement System’s chief actuary says state taxpayers should increase contributions 5.7 percent, or $213 million, next year to cover the cost of pensions after record losses.
California would pay $3.7 billion, or about 4 percent of the state’s budget, for retiree benefits in the fiscal year beginning July 1, actuary Alan Milligan recommended in a report today. School districts would pay $1.2 billion. The fund’s governing board will consider the increase at a meeting May 16.
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