Analysis: Brown's Pension Plan Bold Step To Reform
SACRAMENTO, Calif. (AP) — The state's nonpartisan analyst is calling Gov. Jerry Brown's proposal to reform the public pension system a "bold, excellent starting point" for controlling the high cost of retirement benefits.
The Legislative Analyst's Office on Tuesday released a report commending Brown's plan to shift more of the financial risk for public pensions to employees.
The Democratic governor released his plan last month. It calls for increasing the retirement age to 67 for new, non-public safety employees and having local and state government workers pay more toward their pensions and retiree health care.
It also would put new workers in a hybrid plan with a 401(k)-style vehicle.
Brown says he wants the Democratic-led Legislature to tackle the issue, while Senate Republicans are expected to urge Brown to call for a special session.
