Still waiting for Brown's pension reforms

The governor has been promising them since.. well, practically since he took office, and so far he's delivered only a vague outline of what he has in mind. Brown stuck to the same script at the Milken Institute's State of the State Conference in Bev Hills, telling reporters that "You'll get all the details very soon," He did say that the changes would require a constitutional amendment and public vote. From Capitol Alert:

"There's no question that we're going to have to adjust our pensions so that the money coming in is going to be equal to what we can expect the money going out will be." Brown, 73, was applauded when he said on stage, "I could actually probably say that I won't take my pension until I solve the pension problem." Later, he said he was kidding. "It might take me 10 or 20 years to get the job done," Brown told reporters. "I thought it would be a good challenge, but I don't want to make that challenge without a little more deliberative thought."

Critics accuse Brown of playing favorites with public employees unions, though keep in mind that the governor can't do anything unilaterally, and a Democratic-controlled legislature isn't likely to go along with any major restructuring of the pension system (what's really required at this point).


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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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