Brown Signs Bill Offering Private Pensions (Kind of/Maybe)
As readers of this blog will know, public pensions have been an issue in California and for UC. Recently, Gov. Brown signed a bill that modified public pensions in the state – with exclusions including an exclusion for UC which modified its own plan in 2010. Democrats in the legislature believe that there would be more public sympathy for government pensions if more private sector workers had defined benefit pensions. (Of course, most private workers are under Social Security which is defined benefit.) Private employers, however, have been moving away from defined benefit to defined contribution (“401k-type”) plans. So a…
