Politics: Schwarzenegger taking aim at California public DB plans.(defined benefit plans)(Governor Arnold Schwarzenegger's pension management policy)

Pensions & Investments, January, 2005 by O'Connor, Cecily

Byline: Cecily O'Connor and Arleen Jacobius SACRAMENTO, Calif. - California Gov. Arnold Schwarzenegger's plan to force all new public employees to join defined contribution plans would mark the beginning of a long and slow death for the state's public defined benefit plans. Combined, public funds in California have more than $450 billion in assets, according to Money Market Directory, whose statistics Pensions & Investments updated.

The proposal would affect the nation's first- and fourth-largest pension funds - the $182.3 billion California Public Employees' Retirement System and the $118.6 billion California State Teachers' Retirement System, both based in Sacramento. All public defined benefit plans in the state would be closed to new employees,...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.