Brown’s Hybrid Retirement System Plan NOT Well Received
By Dell Hill
California Gov. Jerry Brown unveiled a new pension plan for state workers Thursday, which is expected to raise the retirement age to 67 for new hires.
It would create a mandatory hybrid retirement system that would include some guaranteed benefits, but also a 401K-style plan that would be subject to the stock market and other investments.
It would also ban employees from spiking their compensation by piling up overtime and other benefits as they near retirement.
Here’s a link to a direct report from CBS Los Angeles.
As you heard in that report - and as the entire free world expected - the unions in the Golden State are going to have a conniption fit over this proposal....especially since it’s the man THEY put in office.
For the state’s financial crisis, it’s a small step in the right direction. For Jerry Brown it’s probably a big step toward the door.
Wouldn’t it be a hoot if the Democrats in California recalled their own governor???
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