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What does the future hold for PERS?
SUMMARY: Retirement is a major concern for state and city employees, particularly in the case of the PERS retirement fund. Established in 1952, PERS uses a defined benefit plan to determine retiree benefits. However, the system is currently facing a cash flow problem, with more money needed than is being generated. Solutions include increasing employer contributions and potentially seeking support from the state legislature. A decrease in the number of employees paying into the fund has contributed to the issue, leading to concerns about the fund's future sustainability. Collaborative efforts are needed to address these challenges and ensure the fund remains stable in the long term.
What does the future hold for PERS?
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