What is Gov. Jerry Brown proposing?
Among other revisions, Brown wants to:
•Change pensions for future public employees, blending guaranteed benefits with a new 401(k)-style savings plan;
•Raise the retirement age for most future public workers from 55 to 67 and require all public workers to contribute at least half of the cost of their retirement benefits;
•End employees' ability to work for the government while drawing a public pension from a previous job;
•Provide full health benefits to only those retirees who were publicly employed for at least 25 years.
Why does he want these changes?
State and local pension costs have skyrocketed. Brown says the existing public retirement system is unaffordable and unsustainable in the long term.