Lawmaker Seeks to Privatize State Pensions
Thanks to Fred Pilot for spotting this. Tax collection, pensions...this is a big day for announcing new privatization initiatives, isn't it?

Declaring rising pension debt a "ticking time bomb," a California legislator proposes converting public employee retirements from a traditional defined-benefit system to the 401(k)-style plans held by most American workers.

Employees hired by a public agency after July 1, 2007, would automatically be enrolled in the new contribution plan proposed by Assemblyman Keith Richman (R-Northridge). The plan would make pension payments for public agencies more predictable and potentially lower costs, he said.
[more]