By: OC Supervisor Todd Spitzer
The Orange County Transportation Authority (OCTA) Board of Directors unanimously approved a pension reform proposal by Director Todd Spitzer to permit newly-hired OCTA employees aged 60 or older to opt out of a pension. The proposal had its origin in a pension system regulation that was ratified at the urging of then-Supervisor/now-Senator Patricia Bates, who is also a former OCTA Director.
“As far as possible under state law, this item helps move OCTA employees into 401(k)-style retirement plans,” OCTA Director Spitzer said. “Before this proposal was adopted, OCTA employees could not refuse to participate in a pension plan. Now, new OCTA employees who are at least 60 years old will be able to decide on an individual basis whether they wish to be part of a defined benefit pension plan or a 401(k)-style defined contribution plan.” Continue reading