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California

BOS Addresses Pension Liability
January 23, 2020
Sutter County has participated in the California Public Retirement System (CalPERS) since 1958 to provide defined benefit pensions for employees as part of the overall salary and benefit package. All employees contribute from 6.75% to 12% of their salary. The County pays the remaining cost, with those funds being invested in CalPERS’ pool to support future pension costs. There is an unfunded liability of $170, 006,658 as of 6/30/2018 in the pension plan. The Board of Supervisors took steps to accelerate the payoff for the unfunded liability. We’re on course to shave five years off the timeline and $47.8 million off the cost.