California Bill Paves Way for Two-Tiered Pension System for Orange County

Public defined benefit plans are under extreme pressure.  California just passed legislation that paves the way for new employees in Orange County to select a hybrid pension plan that has both defined benefit and defined contribution elements.  It is estimated that the hybrid plan will save the County at least $10 million in the first year and potentially millions more in subsequent years.

Please click here to read this article.