Bloomberg News

Brown Proposes Overhaul of California Pension Programs

October 27, 2011

Oct. 27 (Bloomberg) --California Governor Jerry Brown unveiled a sweeping package of changes to the biggest U.S. public-employee pensions, including a plan to put most newly hired workers in a hybrid that combines traditional and 401(k)- style coverage.

Brown also proposed raising the age at which most new state workers can retire with full benefits and banning abuses known as “pension spiking” and “double dipping.” He would revamp the make-up of boards overseeing pension funds, bar retroactive benefit increases and disallow workers from “buying” credit for additional years of service to boost retirement payments.

To contact the reporter on this story: Michael B. Marois in Sacramento at mmarois@bloomberg.net

To contact the editor responsible for this story: Pete Young at pyoung13@bloomberg.net


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