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The 2015-16 Budget: Health Benefits for Retired State Employees

Prefunding Benefits Begins. The Governor’s proposal would establish a “standard” that state employees and their employer share the costs to prefund retiree health benefits. Specifically, employees and the state each would pay half of the amount of money actuaries estimate is needed to be invested to pay for these future obligations. Under this concept, employees and the state each would contribute funds equal to about 3 percent of pay. This money would be put into a preexisting CalPERS trust fund,