Leaving CalPERS would cost Modesto at least $1.1
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
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
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
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
Modesto Police Officers Association
PAID FOR BY THE MODESTO POLICE
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
- To negotiate for
adequate benefits and competitive wages.
- To support our
community through donations to local programs and worthwhile charities.