Sen. John Moorlach Introduces Senate Bill 1033, The Pension Fairness Act of 2018
FOR IMMEDIATE RELEASE
Sacramento, CA – “It is fair for an employee to be paid a pension based on each place he or she works. But currently, the formula used by the California Public Employees Retirement System (CalPERS) biases retirement costs in favor of bigger cities that can pay higher salaries against smaller cities who are often on the hook for payments they didn’t agree to.”
“An example of the current system: A small city trains and hires a police officer. He or she then is hired by a bigger city and is given a large raise. The current amounts paid into CalPERS are based on current salary, so the small city is hammered for the higher cost, even though the officer no longer patrols there.
“Current law mandates CalPERS must define ‘a significant increase in actuarial liability’ and ‘implement program changes to ensure … the increased liability’ is borne by the agency granting it. But that’s not happening.
“I’m introducing Senate Bill 1033 to put teeth into that requirement. It would mandate the agency increasing compensation must bear all actuarial liability for the action.”
If you would like to request an interview with Senator John Moorlach, please contact John Seiler at email@example.com or 714-662-6050.
About Senator John Moorlach (R-Costa Mesa):
State Senator John Moorlach represents the 37th district of California, is a trained Certified Financial Planner and is the only trained CPA in the California Senate. He gained national attention 22 years ago when he was appointed Orange County Treasurer-Tax Collector and helped the County recover from its bankruptcy filing – at the time the largest municipal bankruptcy in U.S. History. Follow him on Facebook & Twitter.