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California "Pension Solvency Act" (2012)

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A Pension Solvency Act (11-0026) was approved for circulation in California with a circulation deadline of February 10, 2012. However, its sponsors did not submit petition signatures to election officials by the deadline.

To earn a spot on the state's 2012 ballot, sponsors of the initiative would have had to collect 504,760 signatures.

The letter requesting a title and summary for the proposed initiative was signed by Ted Costa and Robert J. Matteoli.

Text of measure

See also: Ballot titles, summaries and fiscal statements for California's 2012 ballot propositions

Ballot title:

Reduces Pension Benefits for Public Employees. Creates a New State Retirement System for Private Sector Employees. Initiative Statute.

Official summary:

"Reduces pension benefits for current and future public employees, including teachers, nurses, and peace officers. For two years, and beyond if system pension obligations are underfunded, changes the minimum retirement age and further reduces annual pension amount received. Restricts the availability of defined contribution plans including 401(k) plans for public employees. Creates a new state retirement system for private sector employees. Requires audits of pension systems. Caps base pay for new employees and employees in underfunded systems."

Summary of estimated fiscal impact:

(This is a summary of the initiative's estimated "fiscal impact on state and local government" prepared by the California Legislative Analyst's Office and the Director of Finance.)

"It is the opinion of the Legislative Analyst and Director of Finance that the measure could result in a substantial net change in state or local finances if adopted, given the magnitude of the changes proposed in this measure."

External links

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