CalPERs rejects Richman amendment
|The AP has the story.|
The board of the California Public Employees Retirement System has voted to oppose a constitutional amendment that would institute a less generous pension system for government employees hired on or after July 1, 2007.
The measure by Assemblyman Keith Richman, R-Chatsworth, would create a new defined benefit plan for those workers. It also would allow them to enroll in a voluntary, 401(k)-style defined-contribution plan.
The vote was 10-0 with two representatives of Gov. Arnold Schwarzenegger abstaining. A 13th board member was absent.