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Study: Hybrid pension plans would save billions

A study released Friday by a pension-reform group suggests California state and local governments could save billions of dollars a year by moving to a hybrid retirement plan similar to one used by the federal government.

By Judy Lin | Updated on August 15, 2011

SACRAMENTO, Calif. (AP) — A study released Friday by a pension-reform group suggests California state and local governments could save billions of dollars a year by moving to a hybrid retirement plan similar to one used by the federal government.

The study by California Foundation for Fiscal Responsibility found the savings could be even greater if public employees who take early retirement contributed up to half the cost of their retiree health care premiums.

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