Gov. Brown to Share Details of Pension Deal
Deal brokered by Democrats and union leaders to cut the state's public employee pension costs.
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.