As much as $40 million in benefits at stake
SAN ANDREAS – Calaveras County taxpayers are on the hook for as much as $40 million in unfunded employee retirement benefits, a California Public Employees Retirement System actuary said Tuesday.
Actuary Kerry Worgan spoke during a study session with the Board of Supervisors.
The Calaveras County Taxpayers Association has been pressing county officials to deal with what they see as a financial time bomb.
Worgan told the board that CalPERS takes a number of steps to address fluctuating investment returns and retirement benefit claims. He said that if investment returns in the coming decades exceed the expected rate of 7.75 percent per year, on average, then the county could see a drop in the premiums it pays for employee benefits.
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