CA SCA10

Proposes constitutional amendment requiring any public employee retirement benefit increase to be approved by two-thirds vote of the electorate in the applicable jurisdiction before implementation.

Defines "benefit increase" to include changes such as increasing benefit formulas, raising cost-of-living adjustment rates, expanding compensation categories in pension calculations, reducing vesting periods, lowering retirement eligibility age, or providing new economic advantages.

Defines "government employer" to include the state, counties, cities, charter cities and counties, school districts, special districts, University of California Regents, California State University, and their agencies.

Defines "retirement benefit" to encompass all post-employment benefits including defined benefit pensions, defined contribution plans, retiree health care, and deferred compensation offered by government employers.

Cites California's estimated $140 billion in unfunded liabilities across major pension systems and over $500 billion in total unfunded public pension obligations as justification for voter oversight of benefit increases.