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<br />. The PERS Chief Actuary said that the pension fund staff Is currently working on <br />123 local agency requests for contract amendments...only SEVEN of those <br />contract amendments are for benefit reductions. What are the other 116 dolng?l? <br /> <br />Longer~ennlssues.. . <br /> <br />. Even if the pension fund were to eam its 7.75 percent annual invest returns [the amount <br />used in the system's actuarial calculations] going forward, employer contribution rates will <br />not come back to current rates within our lifetime. The PERS Chief Actuary said that <br />without a market recovery, many safety plans will go up to 40 percent of pay over the <br />next 30 years. <br /> <br />. Once investment losses for the current year are considered. PERS estimates that the <br />funded status of the pension plan wm be about 60 percent. Although PERS Chief Actuary <br />also said that while it's important to keep an eye on the funded status, this figure along is <br />not indicative of dire circumstances. <br /> <br />For more information from the article, please contact PERS Public Agency Coalition at <br />www.oublicretirementioumal.orQ. <br /> <br />9A <br />Page 21 <br /> <br />7 <br />