Brown’s Pension Changes Get Initial OK In Legislature
SACRAMENTO (AP) — The public pension changes negotiated by Gov. Jerry Brown and Democratic legislative leaders have begun making their way through both houses in what is expected to be a quick journey to the governor’s desk.
The main pension bill, AB340, won approval on a 49-8 vote in the Assembly on Friday, the final day of the legislative session. Lawmakers voted even as companion legislation was hustled up to make key fixes in the hastily written bill.
That drew complaints from Republican lawmakers, who said the process was rushed and preferred to delay a vote until drafting mistakes were fixed.
Others complained the package does not go far enough to reduce an unfunded pension liability of nearly $165 billion. Actuaries estimate the changes would save up to $55 billion over 30 years.
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