Senate leader says pension reform won't include Brown's hybrid
State Senate leader Darrell Steinberg (D-Sacramento) said Monday he expects a pension reform package to be released tomorrow that will have support from Gov. Jerry Brown.
Steinberg said the package would include a cap on defined benefits for new employees but would not include the governor’s proposed hybrid plan that would have some benefits provided through a 401(k) style plan.
"I think what you will see tomorrow is there won’t be a hybrid," Steinberg told reporters. "It will just be a cap for both miscellaneous and public safety workers.
"There is not yet a deal," Steinberg added. "I am telling you that I am confident that there will be a deal tomorrow and we will definitively go to conference committee tomorrow to pass to our respective floors' comprehensive pension reform."
The Senate’s president pro tem would not say how much the cap on benefits would be but said all of the various changes to pension plans would save the state "tens of billions of dollars" over the next two to three decades.
-- Patrick McGreevy in Sacramento