Governor Brown says the changes in the state's pension system
will save taxpayers billions of dollars in the future.
The legislation will increase the retirement age for new
public employees and require them to pay at least half of their
pension costs.
It also caps the salary amount that can go toward
pensions.
Brown praised lawmakers on both sides of the aisle when
signing the legislation in Los Angeles. He called the bills "hard
fought".
The legislation falls short of Brown's 12-point proposal. That
had included a 401k-style plan so public employees would bear some
of the investment risk.
The changes affect most local governments which participate in
the state's pension programs.
Unions called the legislation a giant step backward for
retirement security.
