A few of the key details behind California's pension reform plan.

  • Retirement age: Raises the retirement age to 67 from 55 for most new employees to get full benefits, and 57 from 50 for new public safety employees

  • New formula: Changes the formulas for new employees upon which benefits are calculated

  • Pension caps: Caps benefits for new public employees who make more than $110,100; or those who make more than $132,120 but don't get Social Security

  • Spiking: Eliminates pension "spiking," or inflating salary in the years before retirement to increase pension

  • Double dipping: Eliminates most double dipping, or drawing a pension while working another government job

  • Felons: Forbids felons from collecting pensions