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CalPERS requests $600 million increase to California retirement plan 2010-05-19 The California Public Employees' Retirement System requested that the state provide $600.7 million to the retirement fund, which has suffered serious investment losses. The fund saw its value decline by 24 percent last year, leading to a loss of $55.2 billion in fiscal year 2008-2009, the Associated Press reports. CalPERS is requesting the increase for one year only, which would begin on July 1, 2010 if the measure is approved by the state's 13-member pension committee. "The biggest reason why we need increases is the investment losses," CalPERS interim chief actuary Alan Milligan told the AP. "Quite frankly, there's more to come," he added. Governor Arnold Schwarzenegger opposes the group's request, saying that money allocated towards state employment pensions is "a dollar we take from education, health and pubic safety." The pension committee is expected to vote on the measure Wednesday. State pension funds are being drained in many states nationwide due to investment losses and state deficits. Retirees should consider alternative forms of retirement income to stretch their funds. Annuities, stock market investments and catch-up contributions are good ways to build savings.  |
