•Richman’s plan would require use of private money managers—e.g., CalPERS
could not manage the DC plan. (This provision may
have been dropped.)
•Richman’s staff may be developing a separate bill that would create plans that
would have a dollar-for-dollar match on up to 10% of
employee pay. (P&I, 12/6/2004)
•The DC plan would eliminate disability retirements and death benefits provided by
•A DC plan would provide no protection against inflation.