The pension fund’s success is a result of better-than-expected returns (15.6%) along with cost saving measures, such as furloughs and a wage freeze.
But a decision to spread out the burden of refilling the pension coffers over several years means that the public contribution is likely to increase over the next three years.
From the Modesto Bee:
Experts said Wednesday that Stanislaus County’s public employee pension fund has shown signs of improvement, but the county still faces sizable increases in retirement costs in the next few years.
The Stanislaus County Employees Retirement Association board did not take action on a county request to use $12.6 million in reserves to help offset the county’s cost in the budget year that starts July 1. StanCERA will consider that request March 22.
In another item Wednesday, the StanCERA board hired a recruitment firm to find a successor for Retirement Administrator Tom Watson, who will retire in November. StanCERA plans to fill the position in August and have Watson assist the new administrator during the transition.
Read the full article here.