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Del Norte County supervisors backed a proposal to transfer roughly $1 million out of a California Public Employees Retirement System-managed trust to a private firm after a representative assured them that the county wasn’t abandoning the state’s pension program.
Matt Spooner, senior consultant with Public Agencies Retirement Service (PARS), said Del Norte County wasn’t leaving CalPERS’ defined benefits program, which offers pension and other retirement benefits to its employees.
Instead, county officials are seeking to establish a trust fund with PARS that would offer greater flexibility when it comes to paying its share of those pensions and other retirement benefits, Spooner told supervisors Tuesday.
Continue reading Del Norte Supes Trade CalPERS Trust For Private Firm; CAO Says County Isn’t Leaving Pension Plan