Council Votes To End CALPERS

Notice the color changing on the roof of city hall?
Poopy City Hall Roof

Wednesday the City Council voted 5-0 — Councilmembers Vicki Stilwell and Scott Miller were absent — in favor of a resolution of intent to terminate Pacific Grove’s contract with CalPERS, the first step in the process of looking into ending use of the system to fund city employee retirement benefits.

Since the dot-com stock market crash in the late 1990s, the city’s annual contributions to the retirement system jumped from $100,000 then to $2.6 million this year, according to city management and budget director Jim Becklenberg.

CalPERS-guaranteed benefits are mostly financed by income from its investments, which tanked in the market crash, he said.

Council Votes To End CALPERS

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