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Lodi CalPERS crunch continues

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Posted: Monday, January 23, 2017 11:34 pm

The City of Lodi paid out $1.7 million more to retirees than it contributed toward pension costs in 2015, City Manager Steve Schwabauer reported in his latest weekly update to the city’s website.

Schwabauer wrote that a review of an annual financial report revealed that the city’s contributions, employee contributions and investment gains on the city’s balance with CalPERS was approximately $14.6 million in 2015, while benefits paid to retirees was $16.3 million.

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