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Like the rest of Arnold's time in Sacramento, he screamed "No pension reform, no budget". Then he gave in, his pension "reform" does not fix the problem.
"But the pension reform is only legislation, which unlike a constitutional amendment can be overturned by legislation and that’s what happened when the Legislature passed SB 400 in 1999.
The new state budget calls for a rollback of the SB 400 pension formulas, returning them to the lower level enacted under former Gov. Pete Wilson in the early 1990s.
What the governor is calling historic pension reform legislation might dampen a drive for an initiative that would switch new workers to a 401(k)-style individual investment plan, mentioned by Republican gubernatorial candidate Meg Whitman.
An official of the trendsetting Highway Patrol union, a leader among the first bargaining units to agree to rollbacks earlier this year, said publicly in January the last thing we want to do is leave it to the initiative process.
Arnold has a legacy of deficits, debts and a pension crisis. He must be proud of his record!
More...
"But the pension reform is only legislation, which unlike a constitutional amendment can be overturned by legislation and that’s what happened when the Legislature passed SB 400 in 1999.
The new state budget calls for a rollback of the SB 400 pension formulas, returning them to the lower level enacted under former Gov. Pete Wilson in the early 1990s.
What the governor is calling historic pension reform legislation might dampen a drive for an initiative that would switch new workers to a 401(k)-style individual investment plan, mentioned by Republican gubernatorial candidate Meg Whitman.
An official of the trendsetting Highway Patrol union, a leader among the first bargaining units to agree to rollbacks earlier this year, said publicly in January the last thing we want to do is leave it to the initiative process.
Arnold has a legacy of deficits, debts and a pension crisis. He must be proud of his record!
More...