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Not So Retiring; California's Public Pensions
Oleh:
[s.n]
Jenis:
Article from Bulletin/Magazine
Dalam koleksi:
The Economist (http://search.proquest.com/) vol. 401 no. 8759 (Nov. 2011)
,
page 45.
Topik:
Pension Plans
;
Public Sector
;
Governors
Ketersediaan
Perpustakaan Pusat (Semanggi)
Nomor Panggil:
EE29.69
Non-tandon:
1 (dapat dipinjam: 0)
Tandon:
tidak ada
Lihat Detail Induk
Isi artikel
Jerry Brown, aged 73, likes to joke that he is not only California's governor but also its "best pension buy". After all, he has spent much of his life in public service (including a first stint as governor from 1975 to 1983), but neither draws a public pension nor plans to, if he can get himself re-elected. Nonetheless, his commitment to fixing California's daunting public-pension problem has been in doubt. A Democrat, he was elected one year ago in a race against a self-financed Silicon Valley billionaire, largely with the help of independent spending by public-sector unions. The question has been whether he can stare down his own allies, those unions, and pass the necessary reform. Mr Brown has now released a plan. The main changes Mr Brown proposes concern new employees of state or local governments. They would have to wait till 67 to retire, whereas many current government workers can retire at 55 or even earlier. They would also have hybrid plans, with part of the traditional defined-benefit pension replaced by a defined-contribution plan of the sort common in the private sector. Mr Brown also wants to make current as well as new employees contribute half of the cost of funding their pension.
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