The Buzz: California state worker retirements at lowest level in years

10/01/2013 12:00 AM

09/30/2013 7:03 PM

Fewer state workers opt to retire; state’s financial upturn cited

The number of California state employees entering retirement is at its lowest level in four years, according to the latest CalPERS data, underscoring that the economic and political headwinds that once blew against government work have eased.

From January through September, 8,035 state employees put in their retirement papers, the fewest for that period since 2009.

September’s applications, 708 in all, marked a 30 percent decline from a year ago and the lowest tally for the month since the pre-furlough days of 2008.

“I think it is a combination of the fact that a lot of employees have retired in the past few years coupled with the more positive tone that is currently permeating public finance in California,” said Pepperdine state budget expert Michael Shires .

He credited Silicon Valley’s rebound and “the absence of a negative budget cycle” with giving employees a bit more security.

The state lowered retirement benefits for new CalPERS members, but those formula changes bypassed employees hired before Jan. 1.

“As a result, they are more comfortable staying put,” Shires said.

Jon Ortiz

Editor's Choice Videos

Join the Discussion

Merced Sun-Star is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Terms of Service