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.