Back in March, California Gov. Jerry Brown released an outline of proposed changes to the state's overburdened pension plan, proposing benefits for new state workers that blended elements of a traditional pension plan with 401(k)-style benefits. On Thursday, he unveiled the plan more fully, recommending a significant leap in the age full benefits become available (from 55 to 67), asking legislators to put an end to "spiking" (giving employees career-end raises to increase the value of their pensions), and prohibiting retroactive pension increases and "air time," or allowing employees to buy credits for years they have not worked.
While some points of the proposal will require voter approval, the state legislature will likely rule on certain elements before the November 2012 ballot.
