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Politics

Gov. Brown Signs Sweeping Pension Reform Bill Into Law

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California Gov. Jerry Brown discusses pension reform during a news conference on August 28, 2012 in Los Angeles. (Kevork Djansezian/Getty Images)

California Gov. Jerry Brown (Kevork Djansezian/Getty Images)

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LOS ANGELES (CBS SF) – 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.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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