Main Points of Governor Brown’s Pension Reform Plan

 1. Equal Sharing of Pension Costs: All Employees and Employers

2. “Hybrid” Risk-Sharing Pension Plan: New Employees

3. Increase Retirement Ages: New Employees

4. Require Three-Year Final Compensation to Stop Spiking: New Employees

 5. Calculate Benefits Based on Regular, Recurring Pay to Stop Spiking: New Employees

6. Limit Post-Retirement Employment: All Employees

 7. Felons Forfeit Pension Benefits: All Employees

 8. Prohibit Retroactive Pension Increases: All Employees

9. Prohibit Pension Holidays: All Employees and Employers

10. Prohibit Purchases of Service Credit: All Employees

11. Increase Pension Board Independence and Expertise

12. Reduce Retiree Health Care Costs:

State Employees Savings will be in the neighborhood of $900 million per year to the State.