Governor Jerry Brown and other state lawmakers announced their plan Tuesday to curtail public employee retirement benefits. The Public Employee Pension Reform Act of 2012, which will require approval of the state legislature and could lead to a vote for additional changes, would cap pensionable salaries, require new hires to pay more into the system while getting less in return, increase retirement ages, and require final compensation to consist of a three-year average rather than the final 12 months, in an effort to prevent spiking.