City council grapples with high CalPERS costs, termination fee

04/28/2013 | Reuters

Despite its desire to stop paying into the California Public Employees' Retirement System because of rising costs, the San Jose City Council cannot afford a termination fee of as much as $5.7 million. The council voted unanimously last year to look into ending CalPERS payments. While newly elected councilors and general city workers pay into non-CalPERS pension funds, the city still has about 30 current and former councilors who subscribe to CalPERS.

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