News from the state Capitol:
State lawmakers are expected to vote on pension reform once they return from summer break in August.
(Read news article from Los Angeles Times)
Members of the SEIU 521 Pension Committee have been closely monitoring the process and providing our input.
Some changes we expect to see involve: employer-employee share of the cost of pension; a combination “hybrid” pension plan that combines Social Security, pension and 401k-type model; retirement age.
The “hybrid” proposal and any change to retirement age would affect ONLY NEW HIRES.
There is a real retirement security crisis in our country. Far too many Americans work hard, play by the rules, and still retire in poverty. We must deliver retirement security to more workers through smart pension reform, new retirement models and a strengthened Social Security system.
WHAT CAN YOU DO?