SACRAMENTO, Calif. (AP) — Gov. Jerry Brown on Wednesday urged California’s largest public pension fund to act quickly to address rising costs caused by retirees’ longer life expectancies, saying failure to do so would widen the fund’s liabilities by billions of dollars.
In a letter sent to the board of the California Public Employees’ Retirement System, he urged members to acknowledge the demographic changes immediately and phase in the costs over three years rather than waiting two years, as CalPERS’ staff recommends.
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