California News

Sep 12, 2012 8:32 AM by Associated Press

Gov. Brown to sign California pension reform bill

SACRAMENTO, Calif. (AP) - California Gov. Jerry Brown will sign into law sweeping pension changes that is projected to save taxpayers billions of dollars in the future.

The Democratic governor is expected to sign AB340 at a ceremony Wednesday in his Los Angeles office.

State lawmakers last month sent Brown a series of changes to California's public pensions that will largely affect new state and local government workers.

The bill will increase the retirement age for new employees, cap the annual payout at $132,000, eliminate numerous abuses of the system and require workers who are not contributing half of their retirement costs to pay more.

Many Republican lawmakers supported the changes but said much more needs to be done to fix a system with massive liabilities for current retirees and public workers.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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