Survey: City Managers' Pension Confidence Plummets
The California Public Employees Retirement System insists its structure is sound, but a new survey shows government leaders harbor major doubts.
Less than half of the city managers who replied to CalPERS’ annual survey this year expressed confidence in the system. The number of government executives who believe their money is safe has fallen 15 points since last year.
By contrast, most public retirees say they’re feeling better about their retirement money. The majority of respondents expressed increased confidence in the system over 2017. But their bosses’ anxiety still worries CalPERS executives.
“We need to find a way for this investment committee and the investment department and the public relations department to do better to convince our stakeholders that the (pension fund) is safe,” said George Linn, president of the Retired Public Employees Association of California.
CalPERS conducts these surveys each year to measure the concerns of its participants. About 10,800 people responded to the latest survey.
Read more at the Sacramento Bee.