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.

Adrian Moore

Adrian Moore, Ph.D., is vice president of policy at Reason Foundation, a non-profit think tank advancing free minds and free markets.