On politics in the Golden State
July 3, 2012 | 5:22 pm
Despite a setback on pension reform, Senate President Pro Tem Darrell Steinberg (D-Sacramento) said Tuesday that he expected a plan to be adopted next month and that the Legislature’s proposal would save $40 billion over 30 years.
Those savings would accrue to the California Public Employment Retirement System through changes including an increase in the retirement age for new employees, a requirement that workers contribute more and a cap on the benefits possible in a defined benefit plan.
Gov. Jerry Brown announced Tuesday that he and lawmakers were divided over how to change public employee pensions, and therefore a deal would have to wait until at least after the Legislature’s July recess.
“We are in common agreement with the governor on most elements of his original proposal,” Steinberg told reporters, but added “There are still several issues that frankly are of sufficient complexity that they just need more time to get it right.”
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