To eliminate Defined Benefit Pension Plans for all Public Employees.
To switch to an enrollment in Social Security and a secondary
Defined Contribution Plan that will pay out using actuarial values.
The current programs are financially unsustainable and have led to huge losses to the tax payers of California.
The new programs will save hundreds of billions in Government
obligations in an uncertain economy.
Why is this important?
State and Local Governments for years have been burdened
with Defined Benefit Programs that are Actuarial unsound.
These Golden Parachutes for Public Employees, have been and
will continue to add hundreds of Billions of Dollars in Deficits
to State and Local Governments. These costs guaranteed by the Tax Payers are Unsustainable in a Speculative Collapsing Economy .
