New California ruling targets pension ‘spiking’ as retirees appeal for relief
Article Excerpt: "California retirees are losing income as their pension funds make adjustments to comply with a 2013 law that attempted to curtail “spiking.”...Until 2020, the Ventura fund permitted workers to choose a 12- or 36-month period to calculate their average income. Those dates did not have to align with a calendar year, and an employee over a 12-month period could cash out unused hours of personal leave in amounts that exceeded a single year’s vacation buydown allowance. The appeals court upheld the Ventura retirement fund’s decision to prohibit such “straddling. — or, as the Ventura retirement fund’s attorney Ashley Dunning labeled it, “pension spiking.”..."
Resource: calmatters.org