California has been hard hit since the economy took a dive in 2008, with at least one city declaring bankruptcy and others considering it. The state is struggling to find ways to cut expenses. Pension reform tops the list of items that would save both local and state governments money.
California Gov. Jerry Brown made pension reform a priority. In October of last year, he came up with a 12-point proposal to help solve the pension crisis. The Senate Republican Caucus has taken on the duty of making Brown's proposals a reality.
"I am committed to pension reform because I believe there is a real problem," said Brown in his State of the State Address on Jan. 18. "Three times as many people are retiring as are entering the workforce. That arithmetic doesn't add up. In addition, benefits, contributions and the age of retirement all have to balance. I don't believe they do today. So we have to take action. And we should do it this year."
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