CalPERS orders California, schools to boost contributions
By Marc Lifsher/Los Angeles Times
California's biggest public pension fund, which has suffered tens of billions of dollars in investment losses, is ordering the state government and a thousand school districts to boost their contributions to employee retirement funds by $709 million a year, beginning next month. On Wednesday, the board of the California Public Employees' Retirement System voted unanimously for the increase, about $601 million of which would come out of state coffers. Schools would pay the remaining $108 million to cover retirements of non-teaching personnel. (more...)