This so-called "reform" will end up cancelling pensions for elderly workers on the verge of retirement. That's simply abuse.
Wrong, it would have only applied to new workers. Why can't government workers get by on 402k,s like the taxpayers who pay their salaries?
That's simply bullsh*t. No public employee who is currently enrolled in the CalPers system would have their pensions or pension accrual methods changed in any way. Public employees hired after 1/2007 would go to a 401k system much like any other employee. The current CalPers system is gauranteed to all current employees and is a contractual obligation. No court is going to allow any 'canceling' of current employee benefits.
The CalPers board of directors is dominated by union officers and politicians beholding to unions. You can google up any number of stories about the ongoing malfeasance of the CalPers board.
As for transfer costs, you can either pay them up front and have them out of the way or amortize them over say, a ten year period. It doesn't matter because these are more or less fixed costs and not ongoing obligations.
I say let's do it...