This complex measure concerning state and local retirement plans has many provisions that are unclear, and various provisions would face significant legal challenges. Given all of these uncertainties, a reasonable estimate of the net fiscal effect of this proposal could not be prepared within 25 working days from the date the proposal was received. As required by the Elections Code, the Legislative Analyst’s Office and the Department of Finance have informed the Attorney General that it is our opinion that the measure could result in a substantial net change in state or local finances if adopted, given the magnitude of the changes proposed in this measure.