What is CalPERS?

CalPERS is the State retirement system that the City and most all State agencies contract with. The courts have ruled that agencies have a contractual obligation to continue the retirement benefits promised employees who have retired. In earlier years, CalPERS was very strong with good investments that had kept the costs low for members. However, several years ago, rates increased after poor investments and the economic crisis of 2008. There is no other viable retirement system available to agencies in California although steps were taken with pension reform that addressed issues for all employees hired since reform. Agencies need to offer a competitive pension system to be competitive in hiring and retention of qualified employees. CalPERS is still the best option available.

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1. Where does the City get its money?
2. What is the City's budget?
3. How does Scotts Valley's budget compare to others?
4. How many staff work for the city?
5. How much are our police paid? Is it competitive?
6. How much are City staff paid?
7. What is CalPERS?
8. Can the CalPERS retirement system be canceled?