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Walnut Creek: City facing steep hike in pension costs

Published Monday March 13

WALNUT CREEK — In just 8 years, the annual cost of retirement benefits earned by public employees could more than double, putting a serious crimp in the city’s finances.

According to preliminary estimates by Walnut Creek city staffers, the amount of money needed annually to address pension debt could balloon from $8.2 mill. — which the city paid in 2016 — to $17.5 mill. in 2024.

The cost goes even higher 4 years later when Walnut Creek will need to contribute about $20.4 mill. from its general fund toward pensions, according to city data.

The general fund balance at the end of fiscal year 2016 was $51.5 mill. according to the city.

Article length: About 550 words.
Tags: Walnut Creek
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