US - The state of California will pay $170m less in pension contributions to the California Public Employees' Retirement System after employee contributions were increased.
The state contribution will be $3.51bn in the year starting 1 July, down from $3.68bn this year. The change is mainly due to increases in employee contribution rates that range from 2% to 5%. Contribution rates now range from 5% to 11% and are expected to total $1.3bn in the next year.
"We are pleased that circumstances allow us to reduce State pension contributions next year," said CalPERS Board President Rob Feckner. "This reminds us that pensions are a shared responsibility and our members in some cases are paying half the normal cost of pensions."
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