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GOP [CA state] senator: No pension reform, no vote on taxes
Contra Costa Times ^ | 01/23/2011 11:15:11 PM PST | Steven Harmon

Posted on 01/26/2011 9:50:18 AM PST by BenLurkin

Sen. Mimi Walters, R-Laguna Hills, is preparing a package of pension reform bills she said must be addressed before taking up taxes. Among her reforms is legislation requiring all new state employees to enter 401(k)-style benefit plans.

"We want reforms in place before there's any discussion about tax increases," said Walters, the GOP's nominee in the fall for state treasurer who was trounced by incumbent Bill Lockyer. "I do know there's not support at all to even put it on the ballot without significant pension reforms."

Brown has proposed cutting $12.5 billion in expenditures and asking voters to extend for five years temporary taxes on personal income, sales and autos in an attempt to solve a $25.4 billion deficit.

Brown said last week he intends to unveil his own pension proposal "in the coming weeks," but does not want to tie it to budget negotiations with Republicans.

(Excerpt) Read more at contracostatimes.com ...


TOPICS: US: California
KEYWORDS: 401k; broke; deficit; employees; pension; pensions; public; taxes; union; unions

1 posted on 01/26/2011 9:50:21 AM PST by BenLurkin
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To: BenLurkin
During the fall campaign, Brown proposed a two-tier system in which newly hired public employees would be required to work longer and to a later retirement age before earning full benefits.

He also proposed requiring all employees to contribute more to their pensions and he wants to halt pension spiking, the practice of inflating pension benefits by including special bonuses, last minute promotions, excessive overtime and what he called "other gimmicks."

But Brown has also spoken of the importance of honoring past agreements and isn't likely to pick a fight with the same labor groups that helped elect him and who will be critical players in a special election campaign.

Labor groups fought Gov. Arnold Schwarzenegger's many pension reform attempts, forcing him to withdraw a measure from the 2005 ballot fight he led.

Still, most of the large public employee labor organizations have agreed to contracts in which they rolled back previous gains, and have said they are willing to look at more changes.

2 posted on 01/26/2011 9:52:19 AM PST by BenLurkin (This post is not a statement of fact. It is merely a personal opinion -- or humor -- or both)
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To: BenLurkin

gubbamint needs to all switch to defined contribution plans from defined benefit plans.

I hope it’s not too late for CA.

http://www.pensiontsunami.com/public.php


3 posted on 01/26/2011 9:53:50 AM PST by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: WOBBLY BOB
Brown doesn't get it, FULL benefits be it sooner or later is the issue. Can you imagine the horror of having a 401k, IRA ,real estate, savings account and having to take responsibility for your own retirement. Apparently so with Kalifonia’s Gubermint employees.
4 posted on 01/26/2011 10:36:29 AM PST by DAC21
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To: WOBBLY BOB
I hope it’s not too late for CA.

Defined contributions, conservative trust fund management, and a percentage calculation to determine benefit amount, is the only sustainable pension system. CA union and non union public employees fail on all three criteria while most private pension systems have two out of three or better.

It may be the State is done, no hope, but the private employees will make it through the disaster.

5 posted on 01/26/2011 10:56:27 AM PST by Navy Patriot (Sarah and the Conservatives will rock your world.)
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To: BenLurkin
the GOP's nominee in the fall for state treasurer who was trounced by incumbent Bill Lockyer.

The left-wing weenie reporter had to get in this dig. The reader is supposed to think this is sour grapes because Walters lost. Not a word in the story about the estimated $500 billion shortfall in pension funding.

As Michael Savage says, these people in the media are vermin.
6 posted on 01/26/2011 10:58:16 AM PST by fifedom
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To: WOBBLY BOB

Wrong, Wrong, and Wrong, Public Employees and Public Servants deserve no more than what SOCIAL SECURITY PAYS EVERYONE ELSE, Abolish all other Taxpayer Funded retirement systems immediately. They are not special and most are CROOKS anyway. Go Galt and do it now.


7 posted on 01/27/2011 5:25:05 AM PST by eyeamok
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