Monday, December 16, 2013 – 09:00 a.m.
Pension costs continue to escalate in Southern California’s San Bernardino County.
The county’s adoption of a two-tier system fostered by a new January 1, 2013 law hasn’t stemmed the red, at least not yet.
The county pension fund, the San Bernardino County Employees Retirement Association (SBCERA), one of 20 in the state not a part of the California Public Employees Retirement System, is requiring its employer participants to kick in more money.
The San Bernardino County Board of Supervisors will vote on Tuesday to increase its annual pension contribution for the 2014-15 fiscal year by another $23.37 million.
The move puts the county closer to an annual kick-in of nearly one-third of a billion dollars.
Here’s how much each of the four main rate classifications is increasing.
General Employees (Tier 1) + 6.75% General Employees (Tier 2) + 9.01% Safety Employees (Tier 1) + 7.91% Safety Employees (Tier 2) + 12.52%