SACRAMENTO (Reuters) - California's legislature passed pension reform on Friday that cuts some of the most generous public employee retirement benefits in the United States, but critics said it is only a first step in fixing a pension deficit that has been decades in the making. The pension bill, unveiled by Governor Jerry Brown on Tuesday after months of talks with fellow Democrats, would raise retirement age and reduce benefits for new employees. It also will eliminate some practices that have led to exorbitant pensions for a relative handful of workers
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