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Governor, Cities Criticize Pension Board Proposals

 
Governor, Cities Criticize Pension Board Proposals
Posted August 19th, 2014 @ 8:53am by The Associated Press

Gov. Jerry Brown and local governments say California's pension board is making the nation's largest public retirement system vulnerable to additional pension spiking by misinterpreting reforms passed two years ago.

A committee of the California Public Employees' Retirement System will vote Tuesday on the type of pay that can be used toward calculating pensions for workers hired after Jan. 1, 2013. The full board is scheduled to vote Wednesday.

Brown is objecting to counting extra pay given for short-term promotions, which he says disregards his pension reform law passed in 2012.

Separately, some municipalities and the League of California Cities oppose counting pay differentials such as those for working alternate shifts and special assignments toward final pension payouts.

CalPERS says the anti-spiking provisions of the 2012 law will remain intact.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

 

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