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Employees, however, continued to make their required contributions.
Pay-as-you-go would require either slashing benefits, sharply increasing required contributions, or both.
If new legislation is not passed by then, the required contributions will grow even larger.
"This decision to stop making legally required contributions would only magnify the loss," he said.
Workers have been contractually promised pension benefits and have made their required contributions each year.
"Kaiser has missed tens of millions of dollars in legally required contributions to the pension plan," Mr. Kandarian said.
He has specifically criticized a decision by Calpers last month to give California municipalities a break on their required contributions.
Last month, it said it would not make required contributions to its employee pensions while it remained under court protection.
The problem, in other words, could be attributed to either measurement system, since the disaster had required contributions from both.
the sum of the minimum required contributions under section 430 for such plan years.
Although it is not required, contributions to these ongoing efforts are appreciated.
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CEO of Professional Science Editing for Scientists @ prosciediting.com