Only one county officially endorsed Governor Brown’s 12-point pension reform plan. And now that it has stalled, Marin County is going at it alone.
Supervisors in the County have decided to build their own model of a hybrid plan that was first proposed by the Little Hoover Commission and later embodied in Governor Brown’s pension proposal. Should the state level ultimately fail, the County would try to institute a local model of the statewide concept. That model would create a new pension system that uses vestiges of the private sector 401(k) and maintain a form of defined benefit plan that had sharp curbs against spiking and other abuses.
Marin faces a pension shortfall of at least $700 million and maybe as much as $2.4 billion.
From the Marin Independent Journal:
Marin County supervisors have agreed to develop a “parallel” pension reform plan they can pitch to Sacramento if state legislators fail to adopt a sweeping blueprint proposed by Gov. Jerry Brown.
The Board of Supervisors on Tuesday approved hiring an actuary to develop a less costly “hybrid” pension program for Marin that is fair for taxpayers and employees — and is supported by local unions. Labor approval is critical because without it, special legislation needed to enact such a custom reform plan doesn’t stand a chance in Sacramento, officials said.
Read the full article here.