Sen. John Moorlach Introduces Senate Bill 1032, the Local Pension Protection Act of 2018
FOR IMMEDIATE RELEASE: February 14, 2018
Sacramento, CA – “As the second of my package of pension reform bills, I’m introducing Senate Bill 1032, the Local Pension Protection Act of 2018. It would protect local pensions from being severely punished when they choose to leave the California Public Employees Retirement System (CalPERS) and fund their employee retirements with a different plan.
“A dramatic example is Loyalton, population 862, which has just one employee and four retirees. When it chose to leave CalPERS in 2013 because of rising costs it couldn’t afford, CalPERS charged it with a $1.66 million ‘termination fee,’ forcing pension cuts by 60 percent rather than pay the extravagant fee the small community could not afford. Continue reading