SAN FRANCISCO (Reuters) - California Gov. Arnold Schwarzenegger (news - web sites) will urge lawmakers to pass a sweeping overhaul of the state's public pension systems, including Calpers, the nation's largest pension fund, an aide said on Wednesday.
Schwarzenegger plans to use his "State of the State" address on Wednesday evening to back a plan that would scrap California's defined-benefit public pension plans in favor of defined-contribution plans similar to 401(k) retirement plans in the private sector.
Critics of that partial privatization, which mirrors Bush administration moves to shift Social Security (news - web sites) money into private accounts, call it an attempt to undercut the influence of Calpers as a corporate watchdog and curb its political activism.
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