California: Pension measure for city will likely make it to voters
An initiative to reform the city’s debt-ridden pension system is tentatively scheduled to be placed on the June 5 primary election ballot following a 5-3 vote by the City Council. The measure qualified for the ballot with 115,000 petition signatures. If passed, it would give 401(k) plans to new employees, other than police officers, instead of having them enrolled in the employee pension system.