Reduces Pension Benefits for Public Employees. Initiative Constitutional Amendment.

Reduces pension benefits for current and future public employees, including teachers, nurses, and peace officers, but excluding judges. Eliminates constitutional protections for current and future public employees\u27 vested pension benefits. Limits employer contributions toward pensions for new employees. Prohibits defined-benefit pensions for new employees. Limits cost-of-living adjustments for retired and current employees. Prohibits public retirement systems from providing death or disability benefits to future employees. Requires that current employees add up to three percent of their salary to their pension contribution per year, when pension plan is underfunded.Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Over the next two or three decades, potentially significant increased annual costs or some savings in state and local government personnel costs, depending on how this measure is interpreted and administered. In the long run (several decades from now), annual savings in state and local government personnel costs of billions of dollars per year (in current dollars), offset to some extent by increases in other employee compensation costs