No one can accuse California of being lax on its reaction to the mounting costs of retirement benefits - but it seems like this election season has kicked reform into high gear.
Following on the heels of last week's adoption of changes to state-level retirement benefits - raising the retirement age and limiting pensions for new hires, as well as requiring workers to pay significantly more for their own future benefits - Los Angeles City Council has begun its own campaign to reform retirement benefits for city workers.
On Tuesday, Los Angeles leaders presented their plans to set the city retirement age at 65 and penalize employees who retire at an earlier age. According to the Los Angeles Times, the plan would also ask employees to contribute more if the existing retirement fund suffers major investment losses - as most pension systems have in recent years.
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