help information
Partly sunny
59.9 ° F
Full Weather

Brown’s Pension Reform Plan

Governor Brown proposed 12 major reforms for state and local pension systems that would end system-wide abuses and reduce taxpayer costs by billions of dollars over the long term.

Brown was Tuesday’s KVML “Newsmaker of the Day”.

“It’s time to fix our pension systems so that they are fair and sustainable over a long time horizon,” said 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 2011.

If fully implemented, these reforms would cut roughly in half the cost to taxpayers for providing pension benefits for state employees. It will cut the risk to taxpayers for pension debt by more than half. Similar savings are expected across all systems.

“I look forward to working with the legislature to enact these major reforms,” said Brown.

The Governor’s Plan can be found here: http://gov.ca.gov/docs/Twelve_Point_Pension_Reform_10.27.11.pdf

The “Newsmaker of the Day” is heard each weekday morning on AM 1450 KVML at 6:47, 7:47 and 8:47am.

Written by mark@mlode.com