County Pension Reform Legislation Moves Out of Committee

lou-correaSenate Bill SB752 was heard this morning in the Assembly Public Employees, Retirement and Social Security Committee. The legislation will enable a second-tier pension option for new and existing Orange County employees that was negotiated as part of the new contract agreements for county workers represented by the Orange County Employee’s Association. The option is expected to save millions of dollars over the long-term. The legislation, authored by Senator Lou Correa, passed out of committee on a 4-0 vote. It now goes to the Assembly floor next.

The OCEA contracts are scheduled for hearing and adoption by the Board of Supervisors on July 14th. OCEA members overwhelmingly approved the agreements last month.

I guess this sort of flies in the face of the argument that committee meetings are unnecessary while the state budget is in limbo.

Brian Joseph has more on the story here.

  1 comment for “County Pension Reform Legislation Moves Out of Committee

  1. cook
    July 9, 2009 at 3:34 pm

    To make it even stevens, in addision to a second tier, there should be an excessive pension payout tax on the first tier.

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