AB 1383 – Increases pension benefits without providing any new funding

OPPOSE   AB 1383 increases pension benefits for public safety employees and potentially reduces the contributions they will be required to make to their pension plans without providing any new funding. As a result, it will further compromise the solvency of CalPERS and other pension systems around the state. Local governments will be hit hardest by AB 1383. The bill’s increase of retirement costs for public safety employees will be funded through higher required contributions from local budgets, which could mean tax increases or cuts to staffing, services, or infrastructure to make up the difference. Full Bill Text