By Tim Reid
Monday, Dec 29, 2014 – 8:38pm EST
(Reuters) – A group of judges is suing California’s public pension system Calpers and the state of California over claims their pension contributions have been almost doubled unlawfully.
Under state pay grades, the six California Superior Court judges each earn more than $181,000 a year. The lawsuit filed on Dec. 23 says their pension contributions should be lowered by about $13,000 a year.
The six, who were elected in 2012, claim a pension reform law signed by Governor Jerry Brown which took effect Jan. 1, 2013 has raised their pension contributions to 15 percent from 8 percent of their salary. They say the 8 percent contribution was set in stone and should not have been raised by the new law retrospectively.
The California Public Employees Retirement System, or Calpers, said the lawsuit was so recently filed it was too early to comment on it. Calpers is America’s biggest public pension fund, managing assets of $300 billion.
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