Governor Jerry Brown just signed a bill (AB 340) changing many state and local retirement programs. These changes, most of which apply only to new employees, constitute the greatest rollback of retirement benefits in California. We are not pleased with the Governor’s initiative to change public employee pensions. CalPERS estimates that these changes will “save” between $42 and $55 billion over the next thirty years. The bad news is that every dollar saved will come from the pension benefits of current and future state and local government employees throughout the state. The bill is based on Brown’s 12-point plan.