The money that state workers contribute plus the money taxpayers give still isn’t enough to cover the escalating checks that California Public Employees' Retirement System, or Calpers, doles out. Now, the state’s largest pension plan is proposing moving money into bonds, which are generally safer but lower yielding investments, the Los Angeles Times reports. That would mean cities would have to contribute more – even though a few cities have already gone bankrupt, blaming high Calpers payments as part of their problem. Oh, and employees would not have to contribute any more, under this plan.
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