Thursday morning’s news that there is a new effort to make pension benefits subject to a public vote has drawn plenty of reaction.
California’s largest pension fund, CalPERS, issued this statement Thursday afternoon:
“Inadequate financial preparation for retirement is a growing national concern. Defined benefit plans are the most cost-efficient way to save for retirement and should remain an important tool in retirement planning. All employees – whether in the public or private sectors – should have effective means to pursue retirement security.
Comprehensive pension reform has already been enacted in California and it is anticipated to save tens of billions of dollars. It reduces benefits for new hires, and current employees are now contributing more each month toward their pensions than in the past.”
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