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California Governor Signs Two-Tier Pension Law for Orange County, CA
Orange County Register Communications 
Oct. 13, 2009
Excerpt: Gov. Arnold Schwarzenegger signed legislation late Sunday night that paves the way for a new two-tiered pension plan for county employees in Orange County, a move that county officials say will help reign in skyrocketing pension costs here. Under the plan current employees get to decide whether to keep their old benefits, or select a hybrid plan that features a reduced pension but also a defined contribution component, similar to a 401K. New employees will also get to choose between the two plans.
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