California Gov. Jerry Brown has signed a hotly contested pension reform bill whose impact on public employees may signal a new era in DB and health care coverage nationwide.
Reuters notes that Brown's new legislation will raise the minimum retirement ages for many public employees as well as reducing pension benefits for all new workers.
"Under the new rules, employers and employees alike are going to contribute their fair share of the costs, resulting in a more sustainable system," Brown said, in a statement. The law, he adds, is the "biggest rollback to public pensions in the history of California pensions."
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