California Bill Gives State Workers A Chance To Opt Out Of CalPERS

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California Bill Gives State Workers A Chance To Opt Out Of CalPERS

EDITOR’S NOTE  on March 1st, 2018 10:55 PM EST: In the final paragraph of this article, we mistakenly wrote that “According to the university, more than two-thirds of their new employees prefer the new alternative….”  The University of California and the California State Senator that is authoring this measure proportion of new employees that are choosing the new alternative is approximately one-third.

The article has been updated to reflect the proper number.

A California state legislator has proposed a bill that would allow state employees to opt out of the California public employees retirement system (CalPERS). They, the employees, would then be permitted to choose a defined contribution plan in which their contributions would go and be matched by the state at the same level as the state’s current defined pension plan.

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