Brown Proposes Overhaul of California Pension Programs
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California Governor Jerry Brown unveiled a sweeping package of changes to the biggest U.S. public-employee pensions that would shunt new workers into a hybrid of conventional and 401(k)-style coverage to lower costs.
Brown would raise the retirement age for full benefits to 67 from 55 for most, curb abuses known as “pension spiking” and “double dipping,” and revamp the board overseeing the $225 billion California Public Employees’ Retirement System.