Monday, February 22, 2016
CalPERS and UCRP are not the same
So the issue arises: Exactly why does UCRP have to mimic CalPERS on the PEPRA cap? UCRP is not governed the same way as CalPERS. UCRP modified its pension program well before the state modified CalPERS and other public pensions. There is no particular reason for symmetry except that the Committee of Two stumbled into it.