In addition, Newsom would give an extra $2.9 billion over four years to the California State Teachers' Retirement System, on top of the $3.3 billion payment required for next year. (Photo: Bloomberg)
(Bloomberg) –California Governor Gavin Newsom didn't campaign on bolstering public pensions, but they figure prominently in his first budget.
In the spending plan for the fiscal year beginning in July, he proposed making an extra $3 billion payment to the California Public Employees' Retirement System (CalPERS) to pay down what the state owes to the fund — a debt that grows each year.
That's on top of the $6.8 billion contribution California is required to make to the nation's largest public pension, according to the budget plan released Thursday.
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