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State Retirement System Gets $300 Million

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.¬† *

Listen to Martin Polt 1

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% .

Listen to Martin Polt 2

That will take the county contribution to the PERS fund from 12 million last year to 13 million in 2014-15.

Listen to Martin Polt 3

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.

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