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California likely to scale back pension reform efforts

2012's sweep of retirement reforms will likely stall, critics note, leading to much larger and impossible-to-manage costs in the not-so-far future.

By Andy Stonehouse | Updated on January 22, 2013
AP Photo/Damian Dovarganes

While it has seemed like the second appearance of longtime California Governor Jerry Brown might produce even more drastic changes to the state’s retirement systems, analysts say his reform movement may have run out of steam.

Last year, Brown was able to pass the first of a series of modifications to the most populous (and at one time most prosperous) state’s vast public pension plans – not quite to the extent that he wished, but close – as well as dangling the prospect of a mandatory, state-run retirement plan created for low-income workers without access to tradional DC options.

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