Our predictably lousy Legislature is ramming through a socalled 'reform' bill, under the pretense of righting wrongs. Instead, a missing word would actually enable more spiking. The bill would greatly expand the number of workers who could boost compensation by counting unused vacation time in pension calculations.
Daniel Borenstein had another of his pension articles on the front
page of this morning's Valley Times.
The loophole doesn't alter CalPERS, but does affect 20 counties with their own pension systems, such as ALAMEDA and ContraCosta who build up retirements by several hundred thousands with unused vacation and sick leaves.
Late Thursday, some lawmakers said they would work to correct the error. We'll see if they do.