No hybrid pensions in package due today, Steinberg predicts

Published: Tuesday, Aug. 28, 2012 - 12:00 am | Page 4A

California Senate President Pro Tem Darrell Steinberg predicted Monday that lawmakers will unveil a public pension measure today that doesn't include Gov. Jerry Brown's plan to move new workers into so-called hybrid pensions.

"I think what you will see tomorrow, there won't be a hybrid," the Sacramento Democrat said during a Monday news conference. "It will just be a cap."

Hybrid pensions combine a smaller traditional guaranteed benefit with a riskier 401(k)-type component.

The cap would instead set a limit on how much of an employee's pay could be figured for pension purposes. The lower that number, the more governments would save.

Steinberg said that CalPERS would analyze the impact of the pension reform package by Friday, when the session ends.

Lawmakers have until then to pass legislation or it dies.

– Jon Ortiz, Bee Capitol Bureau

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