Centaurus' Arnold Backs Calif. Pension Reform Group

Aug 15 2011 | 1:15pm ET

Centaurus Advisors' John Arnold lives in Texas, but he's taken a keen interest in California's pension system.

Arnold and his wire, Laura, have given $150,000 to a California group that is pushing for changes to the state employee retirement plans in an effort to limit its obligations.

"Our attention to pension reform is not California-specific," Meredith Simonton, a spokeswoman for the Laura and John Arnold Foundation, told Bloomberg News. "We chose to get involved there because there are people who are engaged and choosing to illuminate the problems and address possible solutions."

The Arnolds' beneficiary, the California Foundation for Fiscal Responsibility, is advocating individual retirement savings accounts for California employees, benefit limits and an increase in the minimum retirement age.

"I'm looking to avoid the fights we’ve seen in Wisconsin and New Jersey," the group's head, Marcia Fritz, told Bloomberg.

The donation to the California group is part of the Arnolds' pledge to give away the bulk of their fortune.

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