Fact Sheet (pdf)
SB 681 will give local jurisdictions the ability to leave their contracts with the California Public Employees' Retirement System (CalPERS) for their employees’ retirement plans without being excessively charged or penalized.
This bill will allow jurisdictions that contract with the California Public Employees Retirement System (CalPERS) for their employees’ retirement plans to leave their defined benefit plan without excessive costs, penalties, etc. If contract jurisdictions believe they can contract or run their own retirement system cheaper or more effectively, they should have the ability to leave CalPERS without being excessively penalized. It is fair to get out what you paid in with minor fees associated. But being unreasonably punished should not be encouraged.
- The Sacramento Bee: Faced with deep cuts to their pensions, these California retirees are asking CalPERS for help
- LA Times: Cutting jobs, street repairs, library books to keep up with pension costs
- CalPERS: CalPERS Finds the City of Loyalton in Default for Non-Payment of Pension Obligation
- San Diego Union tribune: Loyalton's pension default is a wake up call
- Fox Business: CalPERS Cuts Pension Benefits For First Time
- The Sacramento Bee: CalPERS says town defaulted on pension debt. What’s next for tiny Loyalton?
- Clearing Up Public Pension Accounting
- CalPERS set to slash pensions for nearly 200 workers