•Some union leaders suggested the governor’s defined contribution proposal piggybacks on
President Bush’s plan to privatize Social Security. “This is the
California version of Social Security privatization,” Carroll Wills, spokesman for California Professional
•Others suggest a backlash toward CalPERS for its activist corporate governance positions.
•… opponents of a shift to public defined contribution plans worry that participants are not
prepared to manage their own retirement assets. “You’re putting so much
risk of the stock market onto each individual person, they become in
danger of losing retirement protections,” Art
secretary, California Labor Federation, AFL-CIO.
•“It’s a hard thing to make the public understand about our pension systems, and why we need
them,” Fred Nesbitt, executive director of NCPERS.
•"There's an old saying, so goes California, so goes the rest of the nation. That's exactly what they're worried
about. You talk about pensions. What do you think, it's just about
California? No. If California's pension system
goes, now it will go like an avalanche.” Orange County Register, January 25, 2005