The Morning After (the Guv’s Pension Plan): What Do We Know?
It’s the morning after the governor’s press conference announcing his pension proposals – and we still do not have definite word as to whether UC is covered.
Who would be affected?
All state and local public employees. Current workers would be expected to pay at least half of their retirement costs, but the higher retirement age and new savings plan would apply only to employees hired later.
See http://www.latimes.com/news/local/politics/la-me-pension-qa-20111028,0,4930171.story
And there is a lot of fuzziness in the announced plan. For example, how do you “cap” a plan that comes partly from defined benefit, partly from defined contribution, and partly from Social Security? Beyond that, there are some issues about the constitutional autonomy of the Regents to be considered.
