Governor Announces Compromise Deal on Public Pension Reform
Critics on Both Sides Blast the Deal which Rolls Back 3% at 50 But Only For New Employees –
Governor Brown and Democratic leaders on Tuesday outlined their compromise proposal for what they are calling “a sweeping pension reform agreement that saves billions of taxpayer dollars by capping benefits, increasing the retirement age, stopping abusive practices and requiring state employees to pay at least half of their pension costs.”
“These reforms make fundamental changes that rein in costs and help to ensure that our public retirement system is sustainable for the long term. These reforms require sacrifice from public employees and represent a significant step forward,” said Governor Brown.