2/17/2005
14
Would eliminate disability retirement and death benefits even for survivors of police and firefighters hurt or killed in the line of duty.
Might require use of private money managers like Charles Schwab—e.g., CalPERS could not manage the DC plan.
Richman’s staff is 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) [See “Backpedaling”]
A DC plan would not protect against inflation.
Effects of Richman’s DC Plan