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 have to come out of the paychecks
of K-14 teachers for the 2005-’06 fiscal year.
–And more: state contribution to health care premium frozen, …