Reading Friday’s news, I couldn’t help think of the union official who, sitting on a Capitol Weekly panel with me after the last General Election, said in response to my bringing up concerns on the pension issue: “That’s yesterday’s news.” Actually it is today’s news over and over and over again. In fact, there were three separate issues of pension alarms reported Friday.
- The agreement to keep tuition unchanged at the University of California worked out by Gov. Jerry Brown and UC President Janet Napolitano included movement toward a plan to relieve crushing pension obligations on the UC budget. As the Sacramento Bee reported, while details remain to be worked out, the plan “will introduce a pension tier with a dramatically lower compensation cap, and could shift new hires from a guaranteed benefit to a 401(k)-style defined contribution plan.”