Brown, Democrats fail to reach pension reform deal
SACRAMENTO (KABC) -- Gov. Jerry Brown has failed to reach a deal with Democratic leaders on public pension reform.
Brown had issued a proposal last fall that focused on raising the retirement age to match Social Security. He also proposed moving new workers to a hybrid system which combined a 401K-style plan with pension benefits. Democratic leaders did not send him their plan until last Sunday, and they have not made it public.
Lawmakers said they want to allow people younger than 67 to retire with reduced pension rates and they refused the contribution plan. Currently, taxpayers are on the hook for billions of dollars in pension and health care benefits promised to public workers when they retire.
Lawmakers said they'll keep working on passing a proposal before the legislative session ends in August.
The Associated Press contributed to this report.
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