The State Worker
Chronicling civil-service life for California state workers
May 20, 2011

Thumbnail image for LAO logo.jpgThe Legislative Analyst’s Office has given a thumbs down on Gov. Jerry Brown’s budget proposal to give CalPERS $1.5 million to develop a hybrid pension plan study.

“We have no idea what the Governor is contemplating in his hybrid proposal or whether the study to be funded from this money would have any value at all,” the LAO says in a report released this afternoon, calling the plan “amorphous” and inscrutable.”

And then it blasts charging CalPERS with leading the effort: “This is not meant as a condemnation of the considerable skills and abilities of CalPERS staff. Instead, our recommendation is intended to preserve CalPERS’ hard-won and important independence under Article XVI, Section 17, of the California Constitution.”

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