Pension reform effort

Hoping to eliminate the need for hundreds of billions of dollars in new taxes to bail out state pensions and health care benefits, former Assemblyman Keith Richman will ask voters to raise retirement ages for teachers, police officers, firefighters and other public employees. Troy Anderson in the Daily News.

Warning that continued inaction will bankrupt the state, Richman said Monday his plan would save $500 billion over 30 years.

"If we just keep going the way we are going, not only are some government entities going to go bankrupt and cut services, but in all likelihood there will be the need for billions of dollars in new taxes throughout the state of California," he said.

Richman's Public Employee Benefits Reform Initiative, which he has filed with the state, needs about 700,000 signatures to qualify for the ballot. Under the plan, all new public employees except those in public-safety jobs would have to work until age 65 to 67 - and police officers and firefighters would have to work to age 55 - to receive full pension benefits. Depending on years worked, some safety agencies in the state have a lower age for full retirement.

Richman's plan would apply to all new employees in state and local government, special districts, school districts, and the California State University and University of California systems beginning July 1, 2009. If enough signatures are collected, the initiative would go on the November 2008 ballot.