California Pension Boosts Rates as Retirees Live Longer
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The California Public Employees’ Retirement System, the largest U.S. public pension, will begin phasing in higher contribution rates to account for the increased costs of retirees living longer.
The board of the $282.5 billion fund voted yesterday to boost the state’s annual allocation to $5 billion over three years, from $3.8 billion now. Local government increases were postponed for two years.