California pension payouts have doubled since 1999

Submitted by Anonymous (not verified) on Wed, 09/11/2013 - 11:33am

From The Fresno Bee: SACRAMENTO — The average retirement payout for new retirees in California's biggest public pension system doubled between 1999 and 2012, according to CalPERS data, and initial monthly payments for one group nearly tripled in that period.

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The figures from CalPERS' internal annual reports, obtained by The Sacramento Bee through a Public Records Act request, show how upgraded pension formulas that became fashionable during the late 1990s and early 2000s amplified the impact of pay raises to boost retirement allowances.

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