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Schwarzenegger vetoes bills on excessive pensions

SACRAMENTO, Calif. (AP) — Gov. Arnold Schwarzenegger has vetoed two bills passed in response to a pay scandal in the Los Angeles County city of Bell, saying they don't go far enough.

The governor late Thursday blocked a bill by Assemblywoman Fiona Ma of San Francisco. Her bill, AB1987, would have barred employees of some counties from "pension spiking" — using last-minute retirement incentives to drive up benefits.

He's also vetoing a companion bill, SB1425, by her fellow Democrat, Sen. Joe Simitian of Palo Alto.

It would have prohibited pension spiking by state employees covered by California's two largest pension funds.

Schwarzenegger says in a veto message that Ma's bill does not provide real pension reform. He's asking lawmakers to try again.

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