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When the Governor releases his May "revise", he will not note the added $600 million for CalPers. "The state contribution to CalPERS should increase to $3.9 billion in the new fiscal year beginning July 1, up $600 million from the current year, actuaries for the giant public pension fund calculate.
The recommendation to the CalPERS board next week comes as Gov. Arnold Schwarzenegger is scheduled to issue a revision Friday of the state budget he proposed in January, which assumed a $200 million CalPERS increase to $3.5 billion.
Increasing the CalPERS contribution by $400 million would add to a huge state budget deficit estimated to be $20 billion in January."
In less than six months, the cost has gone up by $400 million, imagine what it will be in a year--yet no reform or a serious discussion from the amateurs in the Capitol.
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The recommendation to the CalPERS board next week comes as Gov. Arnold Schwarzenegger is scheduled to issue a revision Friday of the state budget he proposed in January, which assumed a $200 million CalPERS increase to $3.5 billion.
Increasing the CalPERS contribution by $400 million would add to a huge state budget deficit estimated to be $20 billion in January."
In less than six months, the cost has gone up by $400 million, imagine what it will be in a year--yet no reform or a serious discussion from the amateurs in the Capitol.
More...