Although the CalPERS report refers to its participants, most of the legal discussion is generally applicable to any public pension plan in California. Basically, the report indicates that both earned benefits AND benefit formulas cannot be altered, except in extraordinary circumstances, in ways that disadvantage covered employee.
The report is available below from Issu and/or Scribd:
Vested Rights of CalPERS Members
Bottom Line: No, they can’t take that away…