California state employee retirements continue downward slide
02/19/2014 11:45 AM
02/19/2014 2:17 PM
Fewer state employees filed their pension papers last month compared to a year ago, according to the latest CalPERS service retirement data.
Retirements fell to 1,947, down 14 percent from January 2013 and the fewest for the month since the pre-furlough days of 2008. Experts have attributed the decline in retirements the last few years to the furloughs that prompted many employees to leave early and a brightening state budget picture that has improved working conditions and has made raises possible.
The retirement numbers, which actually count state pension applications from mid-December to mid-January, are significant because many CalPERS members retire at year’s end to take advantage of the fund’s cost-of-living increase rules. Historically, up to a quarter of state employee retirements occur in the January accounting period.
About This BlogJon Ortiz launched The State Worker blog in 2008 to cover state government from the perspective of California government employees. Every day he filters the news through a single question: "What does this mean for state workers?" Join Ortiz for updates and debate on state pay, benefits, pensions, contracts and jobs. Contact him at firstname.lastname@example.org or 916-321-1043. Twitter: @TheStateWorker.
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