California Commission's plan rolls back pensions for current workers

The bipartisan Little Hoover Commission recommended today that California state and local governments roll back pensions for existing employees, dump guaranteed retirement payouts and put more of the pension burden on workers. Although any attempt to reduce pensions for current workers would prompt a legal battle, the commission says that public pension funds are in such dire financial straits that they'll never right themselves by reducing benefits for new hires. The recommendation would not affect current retirees. Click here to read the commission's 106-page report. The most controversial Hoover proposal would allow state and local governments to freeze existing employee...