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Leaving CalPERS would cost Modesto at least $1.1 billion

In case you did not see the story in Thursday's Modesto Bee, I wanted to make you aware that the city of Modesto announced that it would cost at least $1.1 billion to replace its defined-benefit plan with a 401(k)-style plan.

Please click here to read the Bee's story.

Such a move was at the heart of Measure Q on last year's ballot, which called for the city to replace its defined-benefit plan with a 401(k)-style plan.

The advisory measure was pushed by Mayoral candidate Brad Hawn, who at the time said the move would cost around $106 million. As it turns out, that figure was far from an accurate estimate.

The MPOA continues to be a full partner with Modesto as the city struggles to regain its footing in these difficult economic times. As the article points out, MPOA members have started paying 6.5 percent of the 9 percent of the employee contribution to their pensions—up from  1.5 percent.

The MPOA and the City are committed to working to work with an attitude that "we are in this together and must get out of it together."

As always, if you have any questions about this or any other issue, please do not hesitate to contact me.

Sincerely,

Tony Arguelles, President
Modesto Police Officers Association

  

PAID FOR BY THE MODESTO POLICE OFFICERS ASSOCIATION

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The Modesto Police Officers Association is a non-profit organization that represents 198 sworn men and women of the Modesto Police Department.  We have three main functions as a Police Association.

  • To protect the rights of our members and provide them with the best possible legal representation.
  • To negotiate for adequate benefits and competitive wages.
  • To support our community through donations to local programs and worthwhile charities.

www.modestopoa.com  

Modesto Police Officers Association
1300 G Street, Suite #200
Modesto, CA 95354
(209) 491-4800 begin_of_the_skype_highlighting            (209) 521-6762      end_of_the_skype_highlighting