The Meg Whitman Public Pension Proposal
Earlier today, I posted the Jerry Brown proposal for state pensions, noting that it explicitly mentioned UC. Below are the Meg Whitman proposals from her campaign website. UC is not explicitly mentioned. However, whoever becomes governor also becomes an ex officio Regent.
From the Meg Whitman campaign website
Page 26 of http://www.megwhitman.com/userfiles/pdfs/policy_agenda.pdf
Solve California’s Pension Crisis
California currently has between $60 billion and $100 billion of unfunded state employee retirement liabilities that are owed by the taxpayers. This crisis has to be addressed to protect the retirement security of state workers and to make it possible to fix the budget mess in Sacramento.
As governor, Meg will:
Institute a Defined Contribution Plan for New State Workers
Meg is proposing a two-tier retirement system that would keep the existing defined benefit plan in place for current state workers, while adopting a more flexible 401(k)-style defined contribution plan for new hires. This would align the retirement savings program available to state workers with what most private-sector workers receive from their employers today.
Raise the Retirement Age for State Employees
Meg also believes that the retirement age for receiving a full pension should be raised from 55 to 65 for most state employees who work outside the public safety sector. In addition, Meg believes there should be longer vesting periods and a prohibition on pension spiking to ensure the solvency of state pensions and to reduce the burden on taxpayers.
Support Paycheck Protection
Meg supports union members having direct control over how their dues money is spent on political activities.