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…