Pensions Today, Pensions Tomorrow
After Gov. Schwarzenegger pulled the plug on his pension reform in 2005, he vowed to return to the issue next year. He even began reshaping the State Teacher's Retirement board. But that very board, in a close and divided 6-5 vote, voted to formally oppose Assembly Constitutional Amendment 23, a proposal by Assemblyman Keith Richman that would, through various complex options, begin offering a "hybrid" defined contirbution/defined benefit plan. The vote was a victory for gubernatorial candidate Phil Angelides, who has vigorously opposed any degree of privatization of pensions. |
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