To make sure I know what is going on, I signed up for the CalPERS News Feed. This gives me CalPERS information in a very timely manner, including alerts and newsletters. I wanted to share with you the latest information about the reduction of the CalPERS discount rate. This is from their newsletter:
The Board approved a plan to phase in the impact of increased employer contributions as the result of a reduction of CalPERS discount rate to 7.5 percent over 2 years. The employer rate increases are about 1 to 2 percent for most miscellaneous retirement plans and 2 to 3 percent for most safety plans. The plan adopted by the Board this week will see about half of the projected rate increase in the first year and the rest of the increase in the second year.
For more information, go to the CalPERS article.
This change from CalPERS should not require any changes to Escape Online software, but customers will have to change their PERS contribution setup. I’ll keep you posted if I hear anymore updates.