Pension changes approved by California Legislature
08/31/2012 // West Palm Beach, Florida, US // JusticeNewsFlash // Justice News Flash // (press release)
Sacramento, CA – A measure to reform the public employee pension system in California recently gained approval by the state Legislature. As reported by the Associated Press (AP), the California Legislature approved changes to the system on Friday, which is anticipated to save billions of dollars for taxpayers.
The legislation, bill AB340, will reportedly increase the retirement age for new employees among other changes.
Gov. Jerry Brown is quoted by the AP as stating of the measure prior to the final vote, “This is the most far-reaching pension reform in the history of California.”
Some who voted in favor of the measure also expressed the belief that more should be done by the Legislature to reform the system.
Sen. Mimi Walters is further quoted in the report as stating of the matter, “What we have before us is not pension reform, but a pension change… While I will support this measure today, it is my hope that our vote today will be the beginning of achieving real reform and taking on the challenge of our unfunded pension liability.”
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