California News

Aug 19, 2014 2:38 PM by Associated Press

Committee approves higher pension calculations

SACRAMENTO, Calif. (AP) - A state pension fund committee has approved retirement calculations for new hires despite concerns about pension spiking raised by Gov. Jerry Brown and local governments.

The committee of the California Public Employees' Retirement System board voted 6-2 Tuesday for nearly 100 types of pay that can be used for calculating pensions for workers hired after Jan. 1, 2013. The full board is expected to vote Wednesday.

A Brown administration official said counting extra pay given during short-term promotions goes against the intent of the governor's 2012 pension reform law.

Chris McKenzie, executive director of the League of California Cities, also urged the board to review pay differentials that have grown "excessively."

Employee representative JJ Jelincic supported the calculations, saying workers who earn the extra pay are entitled to be compensated.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

»Comments

PLEASE HELP US MODERATE COMMENTS

Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at feedback@ksby.com, and include the name of the story and information on the comment.

Thank you! KSBY.com


Most Popular

Top Videos

1 2 3 4