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California’s Supreme Court upholds pension rollback

SAN FRANCISCO (AP) — The California Supreme Court on Monday upheld a decision by state lawmakers to roll back one way for public workers to pad their pensions, but avoided ruling on the larger issue of whether retirement benefits can be taken away once promised.

At issue in the unanimous decision was a provision of a 2012 pension reform law that ended the ability of public workers to pay for more years of service for a more lucrative pension when they retire. The law, backed by former Gov. Jerry Brown, sought to rein in costs and end practices viewed as abuses of the system.

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6 Ways Retirement Has Changed Over the Past 25 Years

Twenty-five years ago, Kiplinger’s Retirement Report launched to help readers enjoy a richer retirement. Our first issue, published in February 1994, offered guidance on timely issues of the day, such as how to take advantage of the home-sale-profit exclusion (then $125,000) and how to comply with new rules that for the first time required a receipt for charitable donations of $250 or more. Some advice, such as how to figure tax on Social Security benefits, proved to be evergreen.
 
 

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What Rhode Island can teach us about pension plunder

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