Yes, CalPERS is under attack again!! The California Secretary of State's office recently released notice of a new initiative entering circulation, The McCauley Public Employee Pension Reform Act would allow the renegotiation of public employee pension contracts, including those already vested.
Read my post, California Public Pensions Under Attack... Again, at http://www.corpgov.net/news/news.html or http://perswatch.net/news/news.html