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Gov. Brown signs California pension reform bill

Posted: September 12, 2012 11:17 a.m.
Updated: September 12, 2012 11:17 a.m.

David MIller, president of the California Association of Professional Scientists, throws his hands in the air as he discusses his disappointment in Gov. Jerry Brown's reform plan for California's public pension system.

 

SACRAMENTO, Calif. (AP) — Gov. Jerry Brown has signed into law sweeping pension changes that will save California taxpayers billions of dollars in the future.

Brown signed the legislation Wednesday at the Ronald Reagan State Building in Los Angeles.

State lawmakers last month sent the Democratic governor a series of changes to California's public pension system that will largely affect state and local government workers hired after Jan. 1, 2013.

The main pension bill will increase the retirement age for new employees and cap the annual payout at $132,120. It will also eliminate numerous abuses of the system and require workers who are not contributing half of their retirement costs to pay more.

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