Governor Jerry Brown will propose a major overhaul in the state's pension rules later this morning. Details have leaked out and they include raising the retirement age to 67 instead of 55. New workers would receive lower defined payouts as part of the plan.
There are other details, in which a 401(k)-style benefit would become part of the state's pensions, workers would lose the ability to buy extra years of service, known as "airtime," and a ballot measure would seek to change the structure of California Public Employees' Retirement System (CalPERS') board.
Looking ahead, how would this possible change affect your lifestyle? Why do you think Gov. Brown wants to rewrite pension rules? Would it benefit the economy? Society?
David Siders, reporter for the Sacramento Bee.