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Brown to seek sweeping California pension rollbacks

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Contrary1 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-26-11 11:56 PM
Original message
Brown to seek sweeping California pension rollbacks
Wow, just wow. I honestly can't think of anything else to add.

SACRAMENTO, Calif. Gov. Jerry Brown is set to propose sweeping rollbacks to public employee pension benefits, including raising the retirement age to 67 for new employees who are not public safety workers and requiring employees to pay more toward their retirement and health care.

A draft proposal of the plan obtained by The Associated Press late Wednesday says the governor will also propose a mandatory "hybrid" system in which future retirees would get their retirement from a guaranteed benefit as well as a 401(k)-style plan subject to market whims.

The plan being unveiled Thursday also would end so-called pension "spiking" that lets employees boost their payouts by including overtime and other benefits, and end the practice of buying additional service credits.

The administration estimates its proposal would save about $900 million annually.

http://www.msnbc.msn.com/id/45055997/ns/us_news/
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BlueIris Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 12:01 AM
Response to Original message
1. Ew. nt
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taught_me_patience Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 12:07 AM
Response to Original message
2. Sounds great to me
public sector should be in line the private.
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diane in sf Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 03:23 AM
Response to Reply #2
4. No, the private sector pensions should be in line with the public--tax the rich.
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14thColony Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 06:41 AM
Response to Reply #2
7. Let's give that initiative a name then
It's called "Race to the Bottom."
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midnight Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 12:08 AM
Response to Original message
3. America is not broke, and there is no need to make people work longer than 67...
Make the rich eat their peas... Jerry Brown sounds like scott walker...
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PuraVidaDreamin Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 03:27 AM
Response to Original message
5. I say go for it Jerry
We need a new infusion of the disenchanted to awaken and OCCUPY!
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Laluchacontinua Donating Member (277 posts) Send PM | Profile | Ignore Thu Oct-27-11 03:29 AM
Response to Original message
6. I knew JB would turn out to be a big disappointment. People think he's a
liberal, but he's really not on the things that actually matter, in my opinion.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 06:43 AM
Response to Original message
8. ...
:mad:
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