California Slashes Pension Benefits for Some

California Governor Jerry Brown signed on Wednesday a pension reform bill that he said puts into law the "biggest rollback to public pension benefits in the history of California pensions."

The legislation raises minimum retirement ages and will reduce pension benefits for new public workers, moves that Brown said will save billions of dollars.

"Under the new rules, employers and employees alike are going to contribute their fair share of the costs, resulting in a more sustainable system," Brown said in a statement.

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