Tagged: pension

A bill sitting on California Governor Jerry Brown’s desk could provide a retirement savings plan for private sector employees who don’t have one.

It passed on a party line vote the last day of the legislative session, after the Governor requested changes.

The bill establishes a board to make sure it doesn’t cost taxpayers money. And last minute changes to the bill give the legislature final authorization.

Democratic Senator Kevin DeLeon (Day-lee-OWN) authored the bill. He says more than seven million private sector employees don’t have access to a retirement plan.

A new survey shows that two critical issues in California – pension reform and high speed rail– are not sitting well with voters.

The survey shows that more Californians are opposed to high speed rail and think the recently-signed pension legislation doesn’t do enough to address unfunded costs.

The survey was conducted by the California Business Roundtable and Pepperdine University. It showed that only 39 percent of voters support high speed rail. 43 percent oppose it.

California Governor Jerry Brown has signed legislation that he called the biggest rollback to public pension benefits in the state’s history.

Governor Brown says the changes in the state’s pension system will save taxpayers billions of dollars in the future. The legislation will increase the retirement age for new public employees and require them to pay at least half of their pension costs. It also caps the salary amount that can go toward pensions.