Mayor Reed calls for deeper reforms

Steven Greenhut: California’s Democrats have become sudden believers in pension reform now that it’s clear that Gov. Jerry Brown’s tax-increase proposal probably won’t pass in November unless Californians see some governmental reform. The Democratic plan mainly deals with new hires and rejects 401(k)-style plans. San Jose Mayor Chuck Reed, who has championed real pension reform in his city, issued this statement today:

“This pension reform agreement is a significant accomplishment for the Governor that will have a positive impact for many jurisdictions. I agree with the Governor that there is more work to be done.

“California needs a constitutional amendment to ensure that the changes aren’t undone by future legislatures and to affirm the ability to make changes to retirement benefits for future work while protecting vested rights employees have already earned.

“California needs to reform the governance of pension funds to ensure independence, accountability, and transparency.

“I look forward to seeing the details of the pension reform legislation as they become available.”

Don’t bet your pension investments that Brown and Co. will follow this advice.

AUGUST 28, 2012

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