This measure would amend the State Constitution to impose new requirements and limitations concerning public employee pension benefits and the funding of such benefits by employers and employees. For future public employees, this measure would require the Legislature, by a two-thirds vote, to establish a hybrid retirement plan that would be designed so that a future employee’s eventual retirement benefits could replace up to 75 percent of that employee’s base wage, as specified in the proposal. For current public employees, this measure would make various changes, including certain limits on public employer contributions to pension funds.