State Developments

In the last Alert, we reported that the most significant pension reform legislation in decades had passed on the last day of the state legislative session after last minute negotiations between the Governor and Democratic legislative leaders. On September 12, the Governor signed Assembly Bill 340/Senate Bill 827 (and clean-up bill AB 197), enacting the Public Employees’ Pension Reform Act (PEPRA)

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