September, 2012

As of December 31, 2012, cities, counties, and special districts will lose a valuable tool to prevent layoffs and reduce labor costs. Supplemental defined benefit plans, such as locally controlled early retirement incentive programs, will be prohibited after that date under the Public Employees Pension Reform Act

The Public Employees Pension Reform Act (PEPRA-AB 340), enacted into law last week, restricts the way early retirement incentives can be designed. Fortunately, PARS for the last six years has innovatively designed all its school district early retirement incentives (or

The Public Employees Pension Reform Act (PEPRA-AB 340), enacted into law last week, restricts the way early retirement incentives can be designed. Fortunately, PARS for the last six years has innovatively designed all its community college district retirement incentives (or

On September 12, Governor Jerry Brown signed Assembly Bill 340, the pension reform measure that lawmakers passed on the last day of the legislative session. CalPERS estimates the measure will lower public pension costs $42-$55 billion over the next 30

… MAJOR PENSION REFORM PASSES

In the last week of the legislative session, the Governor and Legislature finally agreed on long-awaited major pension reform and on August 31, 2012, the legislature passed the bill. The Governor is expected to sign it.