CALPERS Changing, Raising Employee Rates - Central Coast News KION/KCBA

SACRAMENTO, Calif.- The California Public Employee Retirement System is considering an 85% rate hike for those members who have long-term care insurance.

It would affect three-fourths of the 150,000 CALPERS members who have bought long-term care policies, which pay for stays in nursing homes, convalescent homes and other facilities.

The rate hike would begin in 2015 and would be phased in over two years.

CALPERS has been discussing an increase over several weeks.

The earlier estimate "was a work in progress," said spokesman Bill Madison on Wednesday.

As an alternative, CALPERS staff said the pension fund could raise rates 79% but do it in one year instead of two.