California state government and school districts will pay roughly $103 million less in pension costs for the coming fiscal year, according to a new CalPERS estimate.
Overall state contributions will fall $71.3 million to approximately $3.81 billion in fiscal 2013-14, according to actuarial calculations prepared for CalPERS' June 18 board meeting.
School districts will pay an estimated $4.98 billion, down $31.5 million from this year.
Actuaries anticipate pension costs will dip in fiscal 2013-14 due to a combination of factors, including slower-than-expected salary and payroll growth and higher out-of-pocket contributions from employees under pension law that took effect Jan. 1.
The 2013-14 employer rates will kick in July 1, assuming the fund's board approves them.