Lake Forest to pay off employee pension costs

2015-11-24T00:27:43-08:00November 24th, 2015|Categories: Pension Reform|Tags: , |

Fully funding CalPERS will save the city $5.9 million over a 30-year period. The City Council has voted to pay off its unfunded employee pension liability, saving the city $5.9 million in interest over a 30-year period.”It’s a nearly $6 million savings over the next 30 years,” said Keith Neves, the city’s director of finance. “It would be like paying off your mortgage early.” The council authorized a payment of $3.7 million to the California Public Employees Retirement System, which [...]