California Gov. Jerry Brown’s proposal to revamp public pension benefits has drawn both praise and concern from an oversight committee, calling it “a bold starting point for legislative deliberations.”
The plan, announced last month, calls for combining a 401(k)-styled savings plan with an existing guaranteed benefit system, as well as raising the retirement age for most future public employees from 55 to 67.
The plan would also require current workers to pay a larger share of their retirement costs.
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