Seeking Alpha
Seeking Alpha Portfolio App for iPad
Finance
(1)
Market Currents

CA governor Jerry Brown is set to propose raising the retirement age for newly hired state...

  • Thursday, October 27, 2011, 2:59 PM ET
    CA governor Jerry Brown is set to propose raising the retirement age for newly hired state workers to 67 as well as offering them less generous benefits - including the replacement of defined-benefit pensions with a "hybrid" system. His proposal also includes eliminating retirement service credits which bumped pensions by adding time to workers employment records.
Track new comments on this story

This news story has 4 comments:

  • These leftists always have me scratching my head. Do I have this right? Poor workers just getting their first jobs and with no prospects for a retirement of their own are to be penalized in order to fund fatcat pensions for the wealthiest Californians?

    So that's what they mean when they promote social justice.
    27 Oct 2011, 03:08 PM Reply Like
  • Where in the article does it say that the savings will be used to fund fatcat pensions for the wealthiest Californians?

    I read the article. This is not my area of expertise but it seems that the new proposals give new California hires far better benefits than those afforded by private corporations.

    I am sure that the plan will be modified before it can become law or be implemented. However my reading suggests that is is an intelligent proposal to reduce the State deficit.

    Don't live in California but my vote does go to this leftist governor.
    27 Oct 2011, 03:51 PM Reply Like
  • When the economy picks up a little and the crisis fades, they'll decide these 'draconian' measures aren't necessary and decide all have to be equal. At the higher scale of course.
    27 Oct 2011, 04:15 PM Reply Like
  • Reading is a powerful skill. You should learn it.
    27 Oct 2011, 06:16 PM Reply Like
Other date
DJIA (DIA) S&P 500 (SPY)