Chapman Law Professor Mario Mainero, in coordination with Nik Daftary of County Counsel, co-drafted legislation (SB 752), which permits Orange County employees a new lower tier for their defined benefit pension plan.  If county employees choose to “opt down” to the lower tier, the economic benefit is greater take-home pay for employees since their employee contribution portion of the pension costs will be reduced.  This will eventually significantly reduce pension costs for the taxpayers, since it will greatly reduce the cost to the County—particularly in times when the return on the pension fund investment is far below the assumed rate necessary to pay defined benefits.