The California Public Employee Retirement System is getting nearly 300-million dollars from a government settlement with J-P Morgan Chase for peddling fraudulent securities. But Nevada County Deputy Executive Officer Martin Polt says that’s a small drop in the bucket compared to the losses CalPERS suffered in the recent recession. *
Polt says Nevada County has 777 employees enrolled in CalPERS and 400 retirees receiving benefits. The formula for county pension contributions is going from 24.4 percent this year to 28% .
That will take the county contribution to the PERS fund from 12 million last year to 13 million in 2014-15.
Polt says they believe the county is doing what it can to manage the situation but it is certainly a threat and a concern to county officials.