Brown Unveils Pension Reform Plan
Sacramento, CA– Governor Jerry Brown today proposed 12 major reforms for state and local pension systems. He says it will help end system-wide abuses and reduce taxpayer costs by billions of dollars over the long term.
“It’s time to fix our pension systems so that they are fair and sustainable over a long time horizon,” said Governor Brown. “My plan raises the retirement age and bans abusive practices like ‘spiking’ and ‘air time’ while mandating that public employees pay an equal share of pension costs.”
The Governor’s 12-point plan addresses key issues affecting pensions in state and local governments. He initially outlined a pension reform plan during budget negotiations in March.
When fully implemented, these reforms will cut about half the cost to taxpayers for providing pension benefits for state employees. It will also cut the risk to taxpayers for pension debt by more than half.
“I look forward to working with the legislature to enact these major reforms,” said Governor Brown.
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