Murrieta looks to place $3M in reserves for employee retirements, instead of paying CalPERS

Move would reduce city’s current unfunded liability Murrieta City Council, showing concern regarding its $58.3 million unfunded liability in employee pension and retirement benefits, moved to take $3 million in reserve funds and place it in a trust fund to reduce that liability in the future.The key factor in the council’s decision, following a Tuesday, April 19, workshop, was that other options would pay the $3 million to California Public Employees’ Retirement System that currently invests the retired employees’ pension fund and those regular employees now building their pensions but not get the money back. CalPERS administers the retirement funds and pays the money to them upon or during retirement.Murrieta, like many other municipalities and public schools, uses CalPER
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