Academic

PUBLIC PENSION UPDATE: Assembly bill caps public worker pensions. Spooked by the University of C?

By Glenn Reynolds

PUBLIC PENSION UPDATE: Assembly bill caps public worker pensions.

Spooked by the University of California’s pension revolt – in which its highest paid executives are threatening to sue unless UC fattens their retirement benefits – a Democratic state lawmaker introduced a bill Thursday to prevent all public employees from gaining dramatically increased pension benefits.

And Republicans are applauding.

“You’re witnessing a moment of bipartisan joy,” said Assemblyman Tim Donnelly, R-San Bernardino, vice chairman of the Higher Education Committee. “I’m ashamed that I didn’t think of this myself.”

The UC executives, some of whom earn more than $700,000 a year, want their pensions calculated as a percentage of their full salary, not just the first $245,000, the cap imposed by the Internal Revenue Service.

Read the whole thing. And expect to see more of this sort of thing in coming years.

Full post as published by Instapundit.com on January 08, 2011 (boomark / email).