Governor targets fat public pensions
October 27, 2011
A higher retirement age and a less benevolent pension system await new state workers in the future if a plan to be unveiled Thursday by Gov. Jerry Brown succeeds.
Brown also will be targeting the purchase by current state employees of additional retirement service credits, or “airtime,” which helps inflate individual retirement payment amounts.
The governor will propose increasing the age of retirement benefit beneficiaries from 55 to 67 for non-public safety employees. He tried unsuccessfully to work public pension reform into budget negotiations earlier this year.
Brown also wants to put a ballot measure before voters in Nov. 2012 to reshape the governing board of the California Public Employees’ Retirement System.