No Way (for UC), San Jose
As previous blog posts have noted, Governor Brown has proposed a statewide pension plan that would override the Regents’ changes to the UC pension and would require a “hybrid” plan with defined benefit and defined contribution components, a 75% cap, etc. UC’s official position is that it shouldn’t be included. However, the governor has not acquiesced.
The legislature’s majority Democrats have been reluctant to consider the governor’s plan and have been considering alternatives. Brown has warned public sector unions that local governments will be putting plans on the ballot and adopting pension plans that are more stringent than his proposal if the legislature doesn’t follow his lead. San Jose, in particular, has been noted for such action.
You can read the latest developments from San Jose at http://www.contracostatimes.com/politics-government/ci_20504361/san-jose-leaders-vote-shrinking-new-worker-pensions. New hires there could end up with a DC only option. If that happens, the legislature might move to adopt the governor’s plan or something similar as an override to local plans. And UC could be swept into whatever emerges.
It’s not the way for us:
[youtube=http://www.youtube.com/watch?v=zsHwVRL06R8&w=320&h=195]
