<p>CalPERS is preparing more pension rate hikes, and they could cost government agencies billions of dollars.</p> <p>With consultants predicting long-term declines in investment earnings, the big California pension fund is considering substantially higher contribution rates for the state and the thousands of municipalities and school districts that&nbsp;<a href="http://www.calpers.ca.gov" target="_blank" title="">rely on CalPERS</a>&nbsp;to serve their retirees. Workers could get hit with higher contributions, too, although that would depend on contract negotiations.</p>