Tags: US | California | Pension | Fund

Calif. Pension Fund Delays Rate Increase for State

Wednesday, 19 May 2010 03:18 PM

The board of California's largest public pension fund has decided to delay asking the state for more money to pay for employee retirement benefits next year.

One board member said during Wednesday's meeting that he is concerned about the state's dire fiscal condition. California faces a $19 billion budget deficit in the fiscal year that begins in July, prompting Gov. Arnold Schwarzenegger to propose eliminating the state's main welfare program.

A key committee of the California Public Employees Retirement System had voted Tuesday to take $600 million more from the state than it did last year to help pay for government retirees.

The board will consider how long to postpone the rate increase during its June meeting.

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The board of California's largest public pension fund has decided to delay asking the state for more money to pay for employee retirement benefits next year.One board member said during Wednesday's meeting that he is concerned about the state's dire fiscal condition....
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