Attorney General No.
Secretary of State No.
Limits the amount of pension payments that any new state or local public employee may receive upon retirement to $100,000 per year. Allows annual cost-of-living increases in proportion to the California Consumer Price Index, so long as total annual pension payments do not exceed $162,500. Prohibits the Legislature from adjusting these limits unless three-quarters of both houses approve. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Minor reductions in annual public sector pension costs in the short run. Major reductions in annual public sector pension and retiree health payments several decades from now. Possible increases in other public employee compensation costs, depending on future decisions made by governmental entities and voters.
Failed to Qualify
LIMITS PENSION PAYMENTS THAT NEW PUBLIC EMPLOYEES MAY RECEIVE UPON RETIREMENT. INITIATIVE STATUTE California Initiative 1435 (2010).