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Article: CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM PREFUNDING PLAN FOR RETIREE HEALTH BENEFITS TO BE AVAILABLE TO ALL CALIFORNIA PUBLIC AGENCIES

Article from:
US Fed News Service, Including US State News
Article date:
October 10, 2007
Copyright

The California Public Employees Retirement System issued the following press release:

All California local public agencies will soon be able to participate in a CalPERS trust fund to prefund the future cost of their retiree health insurance benefits and other post-employment benefits (OPEB), under a bill signed by Governor Schwarzenegger today.

Assembly Bill 554 (Hernandez) opens up the California Employers' Retiree Benefit Trust Fund to all California public agencies regardless of whether they contract with CalPERS to provide health benefits for their employees. The new law becomes effective January 1, 2008.

"Currently, only employers that contract with CalPERS for health benefits are ...

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