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Thursday, October 13, 2011

Gov. Brown Says Pension Proposal Will Involve Constitutional Changes & a Vote of the People

At the Milken Institute State of the State conference today (attended by yours truly), Governor Brown was asked by Michael Milken about public pensions in California. (Cell phone photo of conference event at right.)

Brown indicated he was working on a proposal on pensions – but did not give a precise date when it would be unveiled. He did say that it would involve a constitutional amendment that would have to be approved by a vote of the people.

It was unclear what the coverage of the pension proposal would be. All state and local pensions in California? Just state-level pensions? Would it include UCRP? If so, would it override what the Regents did to modify the university's pension system in December 2010?

What appears to be the case is that this proposal is still a work in progress. That means that UCOP and the Regents have a chance to weigh in on the proposal before it is completed.

Below is an audio of what Brown said. (Video with just a still picture.)


Update: State Treasurer Bill Lockyer comments at http://blogs.sacbee.com/the_state_worker/2011/10/bill-lockyer-says-pensions-must-be-fiscally-politically-sound.html He notes with regard to the legal obligation to pay earned benefits: "I'm also mindful that judges, too, have been promised their pensions."

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