The 2025-26 Budget: Concession Bargaining

May 19, 2025 - Reducing pension benefits for future hires, as was done in 2010-11 and under PEPRA, creates a significant long-term fiscal benefit to the state but has little short-term benefit. (However, increasing employees contributions towards those benefits does provide immediate state savings.)
https://lao.ca.gov/Publications/Report/5047