LOS ANGELES — The California Legislative Analyst's Office has released its fiscal analysis on the Pension Reform Act of 2014, finding that, while the proposed ballot measure could increase costs for the state and local governments, such costs would be more than offset by future savings.

The pension initiative, led by San Jose Mayor Reed and three other California mayors, seeks to amend the state constitution to allow state and local government employers to cut future accrual of pension benefits by current employees, while protecting benefits already earned.

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