Pension focus shifts: hybrid, caps and the big one (excerpt)
Ed Mendel, calpensions.com As Gov. Brown seeks crucial budget votes, one reform proposed by five Republican senators would switch new hires to “hybrid” pensions, a cost-cutting combination of lower pensions and 401(k)-style individual investment plans.
The governor, who also must get votes from labor-friendly Democrats, reportedly could support a different plan: caps not only on the annual amounts pensions could pay, but also caps on the salaries on which pensions are based.
A reform group is talking about a third plan: an initiative that would take on what the Little Hoover Commission called the “elephant in the room.” A constitutional amendment would be aimed at allowing cuts in pension amounts not yet earned by current workers...
Full article at http://calpensions.com/2011/03/14/pension-focus-shifts-hybrid-caps-and-the-big-one/
Hey UCOP! Some wise words at the end of this clip:
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