PUBLIC PENSION UPDATE: Assembly bill caps public worker pensions.

Spooked by the University of California’s pension revolt – in which its highest paid executives are threatening to sue unless UC fattens their retirement benefits – a Democratic state lawmaker introduced a bill Thursday to prevent all public employees from gaining dramatically increased pension benefits.

And Republicans are applauding.

“You’re witnessing a moment of bipartisan joy,” said Assemblyman Tim Donnelly, R-San Bernardino, vice chairman of the Higher Education Committee. “I’m ashamed that I didn’t think of this myself.”

The UC executives, some of whom earn more than $700,000 a year, want their pensions calculated as a percentage of their full salary, not just the first $245,000, the cap imposed by the Internal Revenue Service.

Read the whole thing. And expect to see more of this sort of thing in coming years.