Pension Reform: Delving into the Ambiguities of California’s New LawCategories: California Developments,Legislative Updates
Questions remain regarding the newly enacted Public Employee’s Pension Reform Act (PEPRA) that will take effect very soon – January 1, 2013. The law applies mainly to new members of the retirement systems, but what impacts current employees is unclear in some areas. The lack of specificity in the statute and confusion regarding leaked versions of the language before it was finalized has lead to speculation that will ultimately need to be addressed with “clean-up” legislation. This article details some of the confusion.
Pension Reform: Delving into the Ambiguities of California’s New Law
PublicCEO.com, by Isabel C. Safie, Published October 31, 2012
At a time when many public agencies in California are vulnerable to significant budget cuts and even bankruptcy, the pension reform measures in AB 340 are perceived by many to be too little, too late. Nevertheless, it is indisputable that the recent adoption of AB 340, meant to quell skyrocketing pension costs and save taxpayers billions of dollars, will significantly change the status quo in California. Read the full article here…