CalPERS responds to Reed's public pension measure

Posted 5 years 37 days ago ago by newspaper editor    0 Comments  0 Likes Like Dislike

The California Public Employees' Retirement System (CalPERS) issued the following statement after former San Jose Mayor Chuck Reed announced details June 4 for his ballot measure requiring voter approval for any public pension changes adding costs.

"Inadequate financial preparation for retirement is a growing national concern. Defined benefit plans are the most cost-efficient way to save for retirement and should remain an important tool in retirement planning. All employees – whether in the public or private sectors – should have effective means to pursue retirement security.

"Comprehensive pension reform has already been enacted in California and it is anticipated to save tens of billions of dollars. It reduces benefits for new hires, and current employees are now contributing more each month toward their pensions than in the past."

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