A CA union goes along with pension reform

The Sacramento Bee reports that:

Members of a state lawyers’ union have ratified a first-time-ever contract that allows state civil service workers to opt out of California’s retirement system,

Public pensions are in a broader and more serious crisis than are corporate pensions. A key way out is to start shifting workers to defined contribution 401(k) style pensions, as Gov. Schwarzenegger has now done with the state lawyers union.