For those of us who can clearly remember back to 2013, we recall that the Public Employees Pension Reform Act (PEPRA) made drastic changes to every public employee retirement system. CalPERS and every County operated pension system are forever required to manage their finances responsibly.
Of course, our own pension system, LACERA, has always operated responsibly and never had the problems associated with a few of the systems around California. Nevertheless, the State Legislature imposed its own solutions on LACERA and virtually every other public employee pension system.