By Barry Eberling
Solano County expects changes to the California Public Employees’ Retirement System to raise annual county retirement costs from $31.8 million today to $56.1 million by the end of the decade.
Of this, the general fund portion is expected to rise from $8.8 million to $18.5 million. CalPERS is making the changes to take into account that retirees are living longer and to smooth out contribution rate volatility, among other reasons.
Solano County’s unfunded liability for retirement as of June 2012 – the amount the county is estimated to be short to pay its long-term retirement obligations – is $417 million. However, the required accounting system includes state court employees, perhaps inflating the amount by about $28 million, a county report said.