SACRAMENTO, Calif. (AP) — A study released Friday by a pension-reform group suggests California state and local governments could save billions of dollars a year by moving to a hybrid retirement plan similar to one used by the federal government.
The study by California Foundation for Fiscal Responsibility found the savings could be even greater if public employees who take early retirement contributed up to half the cost of their retiree health care premiums.
The authors looked at potential savings if state and local governments reduced guaranteed pension benefits by half and replaced them with a system similar to the 401(k) plans prevalent in the private sector.
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