Sacramento, CA — The state Legislature has approved a package of changes to California’s public employee pension system that is expected to save taxpayers billions of dollars.
The Pension Reform bill includes more modest pension formulas, higher retirement ages, and pension caps.
The main pension bill passed 49-8 in the Assembly and 38-1 in the Senate Friday. It now goes to the governor.
The Governor is expected to sign the bill as he has already spoken out in support of it. Governor Brown says “Pension Reform is long overdue and we can take a bold step forward by passing it.”