California pension rate hikes loom after Calpers vote

By way of Tim Reid LOS ANGELES (Reuters) – California and many of its cities will quickly be paying more for public pensions after the state's large retirement system voted on Tuesday to alter the best way it calculates contributions. The move by the board of the California Public Workers' Retirement Device (Calpers) – the sector's largest public pension fund with property of $277 billion – was once welcomed by way of the state's Democratic governor, Jerry Brown, who had been pushing for Calpers to behave extra aggressively in the way it funded the availability of pensions for metropolis and state staff. But better pension contributions are certain to be met with angst by way of some California cities, which say they are already struggling to satisfy Calpers's fee demands.