April 17, 2013

Issue #40

Editor's Note

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CalPERS Raises Employer Rate Significantly to Stabilize Fund

Cities Will See Rate Increases in FY 2015–16

Earlier today, the CalPERS Board of Administration voted to make significant changes to actuarial policies, increasing the rate that state and local government employers pay for their pension plans. Today’s vote occurred after CalPERS Pension and Health Benefits Committee approved the policies on Tuesday. The adopted recommendations modify both smoothing and amortization policies and implements these changes going forward with an impact to employer rates beginning in FY 2015–16. The smoothing period now changes from a 15-year rolling period to a five-year direct smoothing rate. The amortization period goes from a 30-year rolling period to a 30-year fixed rate.

Key words: Administrative Services, Pension Reform, Employee Relations

Bill To Create New Economic Development Tool for Disadvantaged Communities Moves to Assembly Local Government Committee

Additional Support Letters Requested

Today League-supported AB 1080 (Alejo) passed out of the Assembly Housing and Community Development Committee. The measure would authorize local governments to create a new entity called a Community Revitalization Investment Authority (CRIA) aimed at improving low income and deteriorated communities, including closed military bases.

Key words: Action Item, Assembly,  Legislation, Affordable Housing, Economic Development
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