Sen. Glazer Remarks on CalPERS Investment Bill

Without the leadership of Gov. Jerry Brown, California would not have made the much-needed advances in curbing pension deficits that we've made in recent years. But, this proposal to borrow $6 billion and transfer it to Cal-PERS was rushed through the Senate without adequate study. The Senate approved it on a 24-13-3 vote. The non-partisan legislative analyst said it was not clear whether this idea would save the state money or whether it was even legal. It may in the end prove to be a good idea. But there was no need to pass it without adequate review. The Brown Administration promised to review it and report to the Legislature – but that report would not come until months  after we voted. We should have waited and taken the time to analyze the proposal to make sure it was prudent and legal before approving it.