The following information was released by the office of Assemblyman Jim Silva.
Today, California State Assemblyman Jim Silva (R – Huntington Beach) voted in favor of Assembly Bill 340, a bill attempting to address skyrocketing pension costs.
“AB 340 doesn’t go far enough, and unfortunately does not address current pension obligations,” said Silva. “But it gets rid of the worst abuses and caps future pension earnings. AB 340 will save the state and local governments billions of dollars in future years.”
Among other things, the provisions of AB 340 eliminate pension spiking; increase retirement ages; eliminate pension holidays; eliminate airtime; and eliminate retroactive pension increases.
“The Legislature still has more work to do,” Silva continued. “Current employees need to pay a higher share of their retirement costs and the issue of retiree health care must be addressed. Although it does not go as far as I would like, I believe AB 340 is a step in the right direction. It is my hope that the Governor and the Legislature will continue its work on pension reform in the coming months.”
About Assemblyman Silva
Assemblyman Jim Silva represents the 67th Assembly District, which includes the communities of Anaheim, Cypress, Garden Grove, Huntington Beach, La Palma, Los Alamitos, Rossmoor, Seal Beach, Stanton, Sunset Beach and Westminster.
Courtesy photo of Assemblyman Jim Silva.