Very interesting column by George Will, on Governor Ahnuld Schwarzenegger. An excerpt:

A second initiative would change the retirement system for 2 million state and local employees. The state will pay a $2.6 billion share of those employees' retirement this year, up from only $160 million four years ago. Under Schwarzenegger's plan, government workers hired after June 2007 would be enrolled in privately managed accounts akin to 401(k)s, with the state matching up to 6 percent of their salaries, 9 percent for public safety officers. Sixteen states have adopted or are considering private accounts as voluntary options. Opposition by government employees unions, who nationwide wield the investment power of hundreds of billions of dollars in retirement funds, killed a similar proposal in California seven years ago.

Upshot: Ahnuld's using the ballot initiative to get around a hostile Legislature, and he's winning.