ACCCA Town Hall Meeting. Pension reform highlights. Does the need for pension reform exist? Myths about pension reform Legislative proposals Working for public agencies after retirement ACCCA position on pension reform. The scope of the issue. Baby boomer impact on the retirement system
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Retirement systems not actuarially sound
Decrease in future working population
Perceived fraud in the system (spiking etc.)
Retirees life expectancy increasing
Who pays what toward retirement systems
Management of retirement systemsDoes the need for pension reform exist?
Brown Proposal and Republican support
Exemptions for STRS end July 2012 (AB 758)
SB 450 Independent Contractor status
Legislative Pension Reform Committee
When can changes be expected?Legislative proposals
“Hybrid” Risk-Sharing Pension Plan: New Employees *
Increase Retirement Ages: New Employees *
Require Three-Year Final Compensation to Stop Spiking: New Employees *
Calculate Benefits Based on Regular, Recurring Pay to Stop Spiking: New Employees *Brown 12 Point Reform Initiative
Increase Pension Board Independence and Expertise *
Reduce Retiree Health Care Costs: State Employees
* Included in Republican ProposalBrown 12 point reform initiative
ACCCA can support the prevention of spiking and the elimination of Creditable Compensation as currently defined.
Require 3 year final compensation average
ACCCA can support the three year calculation of base pay but opposes a five year computation.Accca position on pension reform