SACRAMENTO, Calif.?? Gov. Jerry Brown is set to propose sweeping rollbacks to public employee pension benefits, including raising the retirement age to 67 for new employees who are not public safety workers and requiring employees to pay more toward their retirement and health care.
A draft proposal of the plan obtained by The Associated Press late Wednesday says the governor will also propose a mandatory "hybrid" system in which future retirees would get their retirement from a guaranteed benefit as well as a 401(k)-style plan subject to market whims.
The plan being unveiled Thursday also would end so-called pension "spiking" that lets employees boost their payouts by including overtime and other benefits, and end the practice of buying additional service credits.
The administration estimates its proposal would save about $900 million annually.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Source: http://www.msnbc.msn.com/id/45055997/ns/us_news/
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