Saturday, February 17, 2024

New California ruling targets pension ‘spiking’ as retirees appeal for relief

Lea este artículo en español.

New California ruling targets pension ‘spiking’ as retirees appeal for relief

Article Excerpt: "California retirees are losing income as their pension funds make adjustments to comply with a 2013 law that attempted to curtail “spiking.”...Until 2020, the Ventura fund permitted workers to choose a 12- or 36-month period to calculate their average income. Those dates did not have to align with a calendar year, and an employee over a 12-month period could cash out unused hours of personal leave in amounts that exceeded a single year’s vacation buydown allowance. The appeals court upheld the Ventura retirement fund’s decision to prohibit such “straddling. — or, as the Ventura retirement fund’s attorney Ashley Dunning labeled it, “pension spiking.”..."



Resource: calmatters.org

Pension spiking,