California state employee retirements continue downward slide

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.

This story was originally published February 19, 2014 at 11:45 AM with the headline "California state employee retirements continue downward slide."