Gov. Brown Signs Pension Reform BillCategories: California Developments,Legislative Updates
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 years, though saving just $146 million next year. The bill requires increased pension cost sharing for all employees and, for new hires, caps benefits, lowers pension formulas, and raises retirement ages.
Gov. Brown signs California pension reform bill
Associated Press from Sacramento Bee, by GREG RISLING, Published Wednesday, Sep. 12, 2012
LOS ANGELES — Gov. Jerry Brown on Wednesday signed into law sweeping pension changes that will save California taxpayers billions of dollars in the future and aims to reform a system that is woefully underfunded. Brown praised lawmakers on both sides of the aisle for reaching a deal that will increase the retirement age for new employees depending on their job, cap the annual payout at $132,120, eliminate numerous abuses of the system and require workers who are not contributing half of their retirement costs to pay more. Read the full article here…
Local officials still penciling out when California pension reform will help
Sacramento Bee, by Jon Ortiz and Loretta Kalb, Published Friday, Sep. 07, 2012
Sweeping public pension legislation approved last week will change the relationship between thousands of California governments and their workers, but local officials are still figuring out the long-term outcome for taxpayers. Many expect weeks of painstaking analysis followed by years of bargaining and employee turnover before they’ll fully realize the savings. But in an era of squeezed budgets, local officials say they are ready to dig into retirement fund costs for some relief. Read the full article here…