The Odd Brown/GOP Pension Initiative
Gov. Brown has proposed a pension revision affecting all state and local employees in California. It would override UC’s changes in its pension system made by the Regents. The governor’s plan is a hybrid of defined benefit and defined contribution with a pension cap of 75% of salary for new hires. Brown wants the legislature to put his plan on the ballot but the legislature’s Democratic majority instead is studying alternatives.
Legislative Republicans, however, have endorsed the governor’s plan and filed an initiative to put it on the ballot. Unclear at this time is whether they will spend the $1-$2 million typically needed for signature gathering firms to get it on the ballot. The Republicans may hope to embarrass the governor by highlighting opposition from the legislative Dems. However, the governor may be hoping that the threat of a ballot initiative will spur legislative action on his plan. Nonetheless, the Republicans have set the process in motion and the Legislative Analyst has come up with analysis of the proposal.
The Leg Analyst’s write up is at:
It stresses uncertainties about the plan and notes that most of the savings for the state, if they occur, will be out in the future.
The actual initiative is at:
