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John Chiang
Pension 'spiking' to cost CalPERS nearly $800 million, controller says
Pension 'spiking' to cost CalPERS nearly $800 million, controller says

Taxpayers and local governments are on the hook to pay nearly $800 million stemming from "legal" pension spiking over the next two decades, the state controller said Tuesday. The price tag came as Controller John Chiang issued a new audit of the California Public Employees' Retirement System. The audit of 11 state and local government agencies found no illegal pension spiking but concluded that the country's largest public retirement fund makes itself vulnerable to the practice by not aggressively reviewing its 3,100 member agencies' payroll records. Pension spiking is the practice of hiking a public employee's pay, through a promotion or salary hike, just...

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