LAO wrecks hybrid (pension plan study)
The Legislative Analyst’s Office has opposed a plan in the governor’s budget proposal to give CalPERS funding to study a “hybrid” pension plan for all state public pensions, not just CalPERS. CalPERS is on record as opposing such a plan, so giving it funding to do a study may have been a way for the governor to sink the idea. Under a hybrid plan, there is essentially a cutback defined benefit pension and a defined contribution element.
The LAO position is at http://www.lao.ca.gov/laoapp/budgetlist/PublicSearch.aspx?PolicyAreaNum=42&Department_Number=-1&KeyCol=430&Yr=2011
