Pension 'reform' package to be announced Tuesday

I wouldn't hold my breath for breakthrough legislation - State Senate leader Darrell Steinberg says it will not include a so-called hybrid plan in which a portion of the benefit package would be provided through a 401(k)-style plan, the LAT is reporting. Instead, Steinberg said the package would have some sort of cap on defined benefits for new employees. That does nothing to address pension obligations for current and retired state workers - what's really at the core of the crisis. And as of this afternoon, they didn't even have a deal on the cap. Democratic lawmakers have been desperate to come up with some sort of pension package before the legislative session ends later this week, despite opposition from labor groups. Gov. Brown appears ready to support the plan being patched together in the legislature.