The city, which is a part of CalPERS, pays approximately $20 million per year into the system, but over the next two years, that is expected to increase by up to $10 million.
These cuts, along with other restructuring of services, will save the city as much as $9.2 million annually.
The services that will be affected will be either be entirely or partially outsourced., minimizing the impacts felt by the residents.
From the Los Angeles Times:
In a move to stave off rising pension costs and save money for capital improvement projects, Newport Beach officials may lay off 25 workers and eliminate 30 vacant positions.
City Manager Dave Kiff proposed cuts Thursday that would reshape the Municipal Operations Department, which maintains streets, parks, beaches and other public areas. Some lifeguards could be demoted to part-time.
“I’m trying to prepare the organization for the increase in [pension] costs and do it in a thoughtful way,” he said. “This is the beginning of the discussion.”
Read the full article here.