Gov. Jerry Brown will fly to Los Angeles on Tuesday to spell out the terms of a deal brokered by Democrats and union leaders to cut the state's public employee pension costs.
The governor backed away from the centerpiece of his 12-point pension proposal, which had called for a hybrid plan that incorporates a 401(k)-style system, according to Assemblyman Warren Furutani (D-Gardena), chairman of the joint legislative committee dealing with the pension issue.
Instead, the agreement will limit the annual salary that a public employee’s pension can be based on at $110,000.
Source: LA Times. Read full article. (link)