Just a note on CalPERS since the press lumps all state and local pension systems togther..
There are many different pension systems maintained by CalPERS. It isn't one system for all public sector. Bell had its system, completely independent of, say, Stockton, which again is independent of the State employee pension system. But all managed by PERS.
Only a few of these systems allow for pension spiking via overtime and/or vacation pay. State Employee pensions do not allow this. In fact, pension rules have become even more restrictive over the past decade.
There are many different pension systems maintained by CalPERS. It isn't one system for all public sector. Bell had its system, completely independent of, say, Stockton, which again is independent of the State employee pension system. But all managed by PERS.
Only a few of these systems allow for pension spiking via overtime and/or vacation pay. State Employee pensions do not allow this. In fact, pension rules have become even more restrictive over the past decade.