Pension Crisis

California Lawmakers Hammer Out Pension Deal

Union leaders hate it, which may be a good sign


California Governor Jerry Brown and lawmakers have reached a deal to raise public employees' retirement ages, have them pay more into their pension accounts, and cap retirement payments in a vast overhaul of the state's pension system that he says will save $30 billion.

Union leaders panned the deal between Brown and fellow Democrats who control the legislature and hope to drum up support for his tax measure on the November ballot by showing voters they can tackle big challenges