CalPERS impact to Riverside

August 31, 2019

 

Riverside has set up a website to educate the community on city efforts to address its unfunded pension liability and to seek input from the public.

 

The projected cost of providing retirement benefits for current and future retirees is $531.6 million more than the resources the city has to pay it, according to a city report.

 

Cities across the state are facing similar unfunded pension liabilities, in part because the California Public Employees’ Retirement System received lower investment returns during the Great Recession than it had anticipated.

 

 

 

 

 

 

Finance Committee  9.11.19 - Review of City's CALPERS Cost Sharing Measures

 

The City Council approved the Finance Committee recommendation to establish a   Section 115 Pension Trust Fund to address the CALPERS unfunded liability on  Tuesday May 21, 2019

 

The City Council will held a workshop on the issue on Tuesday, Dec. 4. 2018

 

The Riverside Budget Engagement Commission received a report on unfunded pension obligations beginning at on Thursday, Nov. 29. 2018

 

 

 

 

QUESTIONS

What is the retirement age for City workers?

The city uses CALPERS which now has a tiered system. It mostly depends on when you were hired and what type of job you have.

 

There is a miscellaneous group and a public safety group.

 

The miscellaneous group gets 2.5 percent retirement and public safety gets 3 percent. It works by the percent times the years of service. If you were hired before 2012 you can retire at 55, if you were hired after 2012 you can retire at 62.

 

Public safety (cops and firefighters) before 2012 can retire at 50, after 2012 can retire at 57.

 

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