Council to discuss $30 M gap in retirement funds

Bills

Gilroy might have to cover $29.3 million in losses to employee
retirement funds.
Gilroy might have to cover $29.3 million in losses to employee retirement funds.

A San Mateo actuary will discuss options for dealing with the fiscal year 2009-10 losses to the city’s stake in the state retirement fund – known as CalPERS – on Monday at a City Council meeting.

The financial downturn – $16.8 million for public safety employees and $12.5 million for workers from other departments – was part of massive dive that CalPERS’ investment poftfolio took in 2008, dropping from $253 billion at the end of 2007 to $183.3 billion one year later. It climbed back to $203.3 billion by the end of 2009.

Leave your comments