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Among the latest budget ideas flowing from Sacramento these days is a proposal by Gov. Arnold Schwarzenegger to revise the state's lucrative 3-at-50 retirement benefit. Attached is a PDF of his proposal; click on the blue box at left to get it. Note the Bee's story said it would affect state workers hired this Wednesday or later: In addition, Schwarzenegger is asking Democrats to establish a far less lucrative retirement plan for state employees who are hired after Wednesday. The plan would roll back for newly hired employees pension enhancements that lawmakers and former Gov. Gray Davis approved a decade ago. The plan, if approved, would not affect the retirement plan of current state employees. Also note it won't help with cash flow in the current fiscal year, but is expected to save a chunk ($74 billion) through 2040. Bakersfield police and fire departments have the 3-at-50 pension plan. Councilmembers Zack Scrivner and Ken Weir have set their political sights on...
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