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View Diary: Exclusive: California Pension-Cutting Ballot Initiative Revealed (4 comments)

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  •  1999 law retroactively increased pension payouts (0+ / 0-)

    A good chunk of the CA pension problem was created SB400 of 1999, which increased pension payout, decreased retirement ages, enrolled formerly ineligible employees into the CalPers retirement plan, and changed the payout calculation from being based on highest-of-3-year-avearage to highest-1-year. All retroactive to existing employees.

    If you want to complain about the unfairness of retroactive changes to pension terms, SB400 is where you should start.

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