Democratic lawmakers to release pension fixes
SACRAMENTO, Calif. (AP) – The Legislature‘s Democratic leaders are set to release a bill package they say meets Gov. Jerry Brown’s demand for pension reform. Senate President Pro Tem Darrell Steinberg said he expects to release details Tuesday with a vote coming Friday, the last day of the session.
Brown made pensions a priority when he laid out a 12-point proposal last October, calling for sweeping fixes to a system widely seen as unsustainable. The governor is expected to get many of the changes he demanded to end abuses, but structural reforms could be more difficult.
Brown wants new workers in a system that includes a 401(k)-style plan, but Steinberg says that’s not included. Instead, he says pensions will be capped.
The state’s main pension funds have at least $150 billion in unfunded liabilities.