how did we get here and where do we go next? › system › files › session 4... · how did we...
TRANSCRIPT
![Page 1: How did we get here and where do we go next? › system › files › Session 4... · How did we get here and where do we go next? Judy Lin Economy Reporter. SB 400: The deal that](https://reader035.vdocuments.site/reader035/viewer/2022062303/5f1c7d46848e04128c7f1108/html5/thumbnails/1.jpg)
Howdidwegethereandwheredowegonext?
JudyLinEconomyReporter
![Page 2: How did we get here and where do we go next? › system › files › Session 4... · How did we get here and where do we go next? Judy Lin Economy Reporter. SB 400: The deal that](https://reader035.vdocuments.site/reader035/viewer/2022062303/5f1c7d46848e04128c7f1108/html5/thumbnails/2.jpg)
![Page 3: How did we get here and where do we go next? › system › files › Session 4... · How did we get here and where do we go next? Judy Lin Economy Reporter. SB 400: The deal that](https://reader035.vdocuments.site/reader035/viewer/2022062303/5f1c7d46848e04128c7f1108/html5/thumbnails/3.jpg)
SB400:Thedealthatwasn’tsupposedtocosttaxpayersadime
![Page 4: How did we get here and where do we go next? › system › files › Session 4... · How did we get here and where do we go next? Judy Lin Economy Reporter. SB 400: The deal that](https://reader035.vdocuments.site/reader035/viewer/2022062303/5f1c7d46848e04128c7f1108/html5/thumbnails/4.jpg)
TheaverageCaliforniaHighwayPatrolsalarywas$111,732in2015.
TheaverageCaliforniaHighwayPatrolretiredwith$95,282in2015.
Employeeschipin11.5%oftheirsalary.Thestatechipsin55%.
![Page 5: How did we get here and where do we go next? › system › files › Session 4... · How did we get here and where do we go next? Judy Lin Economy Reporter. SB 400: The deal that](https://reader035.vdocuments.site/reader035/viewer/2022062303/5f1c7d46848e04128c7f1108/html5/thumbnails/5.jpg)
JonHamm,retiredchiefexecutiveoftheCaliforniaAssn.ofHighwayPatrolmen
“IfIwasintheprivatesectorjuststrugglingtogetby,hadnodreamofretiring,wouldIbeupset?”Hammsaid.“Yeah.Andwehavetounderstandthat’sareality.”
![Page 6: How did we get here and where do we go next? › system › files › Session 4... · How did we get here and where do we go next? Judy Lin Economy Reporter. SB 400: The deal that](https://reader035.vdocuments.site/reader035/viewer/2022062303/5f1c7d46848e04128c7f1108/html5/thumbnails/6.jpg)
Didn’tJerryBrownfixthis?
PassedHigherretirementagefornewemployees
Pensionsbasedonhighestthreeyears,notone
Calculatesbenefitbasedonnormalpay,notinflatedbyunusedvacationtime,bonusesandovertime
FailedAhybridretirementsystemcombiningsmallerpensionswith401(k)-styleplansInstead,Democraticlawmakersproposedacaponthesalaryusedtocalculateanemployee’spension.
IncreaseCalPERSboardindependence
![Page 7: How did we get here and where do we go next? › system › files › Session 4... · How did we get here and where do we go next? Judy Lin Economy Reporter. SB 400: The deal that](https://reader035.vdocuments.site/reader035/viewer/2022062303/5f1c7d46848e04128c7f1108/html5/thumbnails/7.jpg)
Nearly 40percentoftheincreaseinschoolbudgetswillbeabsorbedbyhigherpensioncosts
LegislativeAnalyst’sOffice
![Page 8: How did we get here and where do we go next? › system › files › Session 4... · How did we get here and where do we go next? Judy Lin Economy Reporter. SB 400: The deal that](https://reader035.vdocuments.site/reader035/viewer/2022062303/5f1c7d46848e04128c7f1108/html5/thumbnails/8.jpg)
RetirementdebtofallpublicworkersinCaliforniatops$400billion
![Page 9: How did we get here and where do we go next? › system › files › Session 4... · How did we get here and where do we go next? Judy Lin Economy Reporter. SB 400: The deal that](https://reader035.vdocuments.site/reader035/viewer/2022062303/5f1c7d46848e04128c7f1108/html5/thumbnails/9.jpg)
![Page 10: How did we get here and where do we go next? › system › files › Session 4... · How did we get here and where do we go next? Judy Lin Economy Reporter. SB 400: The deal that](https://reader035.vdocuments.site/reader035/viewer/2022062303/5f1c7d46848e04128c7f1108/html5/thumbnails/10.jpg)
What’snext?
![Page 11: How did we get here and where do we go next? › system › files › Session 4... · How did we get here and where do we go next? Judy Lin Economy Reporter. SB 400: The deal that](https://reader035.vdocuments.site/reader035/viewer/2022062303/5f1c7d46848e04128c7f1108/html5/thumbnails/11.jpg)
Howmuchflexibilitydostateandlocalgovernmentshavetocutbenefitsofcurrentworkers?
AgroupofMarinCountyemployeeshadarguedthatBrown’s2012pension changesinfringedontheiremployer’scontractualobligationtoprovideretirementbenefitsatthelevelthatwaspromisedontheirfirstdayofwork.Thatpremise,knownasthe“Californiarule,”hasleftstateandlocalgovernmentswithlittleroomtomodifyretirementbenefitsexceptfornewhires.
PublicemployeesinAlameda,ContraCostaandMercedcountieswonwhenanappealscourtsaidbenefitadjustmentsrequire“compellingevidence”showingthatthechangesarenecessarytothesuccessofthepensionsystem.
![Page 12: How did we get here and where do we go next? › system › files › Session 4... · How did we get here and where do we go next? Judy Lin Economy Reporter. SB 400: The deal that](https://reader035.vdocuments.site/reader035/viewer/2022062303/5f1c7d46848e04128c7f1108/html5/thumbnails/12.jpg)
ThestateSupremeCourthasagreedtotakeuptheissueofthe“Californiarule,”whichcouldhavehugefinancial
implicationsforcities,counties,schooldistrictsandthestate.
![Page 13: How did we get here and where do we go next? › system › files › Session 4... · How did we get here and where do we go next? Judy Lin Economy Reporter. SB 400: The deal that](https://reader035.vdocuments.site/reader035/viewer/2022062303/5f1c7d46848e04128c7f1108/html5/thumbnails/13.jpg)
“Thatfightisunderway,andthere'snotmuchthatthenextgovernorcando...evenwiththeCaliforniarule,wehavethetoolsthroughcollectivebargainingtonegotiatereformsandcommensurateoffsets.”
GavinNewsom