Font ResizeA California pension reform group has filed two ballot initiatives that would significantly cut retirement benefits for all new public employees.
The California Foundation for Fiscal Responsibility's initiatives would cap public employee retirement benefits, raise the eligible retirement age and eliminate the use of perks to spike pension pay.
Proponents estimate it will save taxpayers $1 billion the first year, and $500 billion over the next three decades.
The two initiatives are identical except for a provision that would allow cities and other local agencies to exceed the benefit levels if voters approve.
Foundation president Marcia Fritz said the foundation will poll voters on the two options before it decides which initiative to pursue.
The local vote option is intended to deflect union criticism of the bill as an assault on California's beloved local control. California agencies individually negotiate pension benefits as part of contracts with their labor groups.
If passed, the initiative would apply only to employees hired after the effective date of the measure.
Among its terms:
Proponents filed the initiative language with the Attorney General's Office, which will write a title and summary. The group intends to gather signatures in time to place the measure on the November 2010 ballot.
Reach Lisa Vorderbrueggen at 925-945-4773 or www.ibabuzz.com/politics.
