The California Legislature has approved a pension reform bill endorsed by Governor Jerry Brown. The bill will impact retirement systems across the State, including the California Public Employees’ Retirement System (CalPERS), pension systems operating under the County Retirement Law of 1937 (“’37 Act”), and independent local agency systems. The only retirement systems that appear to have escaped pension reform are those that were created by an agency’s charter (e.g., the San Francisco Employees’ Retirement System).
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