California Gov. Edmund G. “Jerry” Brown Jr. proposed a revised state budget Thursday that would double the state’s contribution to CalPERS to $11.8 billion from $5.8 billion for the fiscal year starting July 1.
The supplemental money from the state’s $50 billion surplus investment fund would reduce CalPERS’ unfunded liabilities that have left the $318.9 billion pension fund 65% funded.
“Absent additional action to address these growing liabilities, paying off retirement liabilities will require an increasing percentage of the state budget,” Mr. Brown’s revised budget document said.
It said the state’s contributions to CalPERS “are on track to nearly double” from $5.8 billion in the budget year starting in July to $9.2 billion in the 2023-2024 budget year.
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