2/17/2005
11
BUDGET Proposal
Most common CalPERS Plan: employer contribution = 17%; the employee contribution fixed at 5%.
The budget proposal:  equal sharing of the contribution by the state and employees means employee contribution would more than double to 11%—effectively, a 6% pay cut.
$469 million in pension contributions would be shifted to K-14 teachers for the 2005-’06 fiscal year.
And more: state contribution to health care premium frozen, …