Companion legislation signed by Gov. Jerry Brown requires another vote in the Legislature before the program can be implemented and participants enrolled

California Gov. Jerry Brown signed legislation that will create the nation's first state-administered retirement savings program for private-sector workers.

The nation's largest teachers' pension fund is so lax on monitoring pre-retiree pension spiking that district audits might happen just once a century.

The bulk of the projected savings in the public pension reform deal announced by Calif. Gov. Jerry Brown won't be felt for decades because most of the proposed changes will affect government workers who have yet to be hired.

With election politics in play, Gov. Jerry Brown on Tuesday announced systemic reforms to save billions of dollars in California's underfunded pension systems but dropped key changes he had sought to avoid a showdown with labor allies.

The nation's largest public pension fund collected a dismal 1 percent annual return on its investments, a figure far short of projections that will likely bring pressure on California's state and local governments to contribute more money, officials said Monday.

Republicans criticized the plan to balance a $15.7 billion deficit, saying it lacked public pension reform or a spending cap to control government costs.

California's Senate on Wednesday passed a bill that would create a guaranteed, government-run retirement savings program catering to private-sector workers of modest means.