New Attack Launched on California Public Employee Pensions
Capital and Main
A new front in the battle over retirement security for California’s public employees opened June 4 with the release of the language for a proposed ballot initiative that would virtually outlaw traditional defined-benefit pension plans for future state and municipal workers. The so-called “Voter Empowerment Act of 2016,” would effectively shift all new public employees from the various defined-benefit plans currently in place to 401(k) plans, beginning in 2019.
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