Other Notes and Comments: Backpedaling?
Tom Campbell, Director, State Department of Finance,
presentation to CalPERS board, 2/15/05:
Fundamental goal is that employees, not taxpayers, bear
CalPERS could manage DC plan, continue corporate
Nothing set in stone—other than that the retirement plan
cannot be DB.
When asked if market forces might result in salary
increases that would offset reductions in retirement
benefits and, therefore, result in no savings to the state,
Mr. Campbell said