Tagged: pension

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.

California Governor Jerry Brown says the pension deal he announced today will save the state billions of dollars. But it’s drawing criticism from unions and Republicans.

Here is some of what’s in the plan: A cap on the salary that a public employee in California could use to calculate a pension. Higher retirement ages, with reduced payments. And a requirement for employees to pay at least half of their pension costs.

A proposed overhaul of California’s pension system is angering public employee unions, as Democrats get set to unveil the details. The specific details are being kept as quiet as can be, but all signs point to a deal emerging by Tuesday at the California State Capitol. 

Democrats are promising “comprehensive pension reform” that will save tens of billions of dollars over the next few decades. Assemblyman Warren Furutani says the deal won’t please everyone.