Brown Proposes Overhaul of California Pension Programs

Thursday, 27 Oct 2011 03:19 PM

 

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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.


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