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Who's minding public pensions?
Who's minding public pensions?

In September 2012, Gov. Jerry Brown signed into law a modest pension reform measure that tried to close some of the loopholes that could inflate pensions. Last week the board of the California Public Employees' Retirement System, or CalPERS, diluted that legislation by voting to allow temporary pay increases to be figured into pension calculations, thereby raising the amount that some retiring workers can collect. After the vote, Brown declared that the board's action "undermines the pension reforms enacted just two years ago." In 2012, he had attempted to head off just this sort of move with a proposal to expand the board with gubernatorial appointees and thereby...

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