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California Pension Reform Hindered by Limits of Contract Protections
Mercury News Link to more items from this source
[Opinion]
Dec. 26, 2011

"Note: Benefits already earned for past labor are protected, as they should be. The issue is the future rate of accrual. Smart business people know that when they are in a financial hole, they should stop digging. The California public-sector rules are different. Once employees start working, they usually are guaranteed that initial multiplier their entire careers, many lawyers say. If, for example, that 2 percent per year is increased to 3 percent, it cannot be subsequently reduced."

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