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Compliance November 9, 2011
San Diego Pension Initiative Will be on Ballot
November 9, 2011 (PLANSPONSOR.com) – The pension reform initiative for the city of San Diego will be on the city’s June 2012 ballot, reports Voice of San Diego.
Reported by
Tara Cantore
The City Clerk’s Office verified on Tuesday that reform backers had collected more than enough valid signatures to place the measure on the ballot.
The initiative will give most city workers 401(k)’s instead of pensions, and attempts to impose a five-year pay freeze on current workers. If the plan goes in place, the city will save $1 billion over the next 27 years.