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Reconsidering Expensive Pension Enhancements: 'Air Time' and 'Golden Handshakes' in California
CalPensions Link to more items from this source
Aug. 13, 2012

"If the [California] Legislature attempts pension reform this month, one of the targets may be 'air time,' a decade-old policy that allows CalPERS and CalSTRS members to boost their pensions by buying up to five years of additional service credit. Another older but also colorfully named policy, the 'golden handshake,' allows management to encourage early retirement by boosting pensions with two years of additional service credit."

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