CalPERS May Contest San Jose’s Way With Pension
As noted in prior posts, it seems clear that accumulated public pension rights of retirees and current workers cannot be voided or reduced. And it is also clear that new hires can be given lesser benefits than current workers or retirees. In the private sector, benefit formulas of current worker going forward can be made less generous. However, the degree to which that is possible in the public sector has been disputed. CalPERS takes the position that only new hires can have reduced benefits and formulas. But San Jose has a measure on the ballot that would change formulas for…