California: Pension reform the focus of ballot initiative
A proposed ballot measure by Mayor Jerry Sanders and City Councilman Kevin Faulconer would alter San Diego’s pension system in profound ways that they say would save a projected $1.6 billion for taxpayers over the next three decades. The measure calls for the most strict cap on public-safety pensions among the state’s largest cities, a switch to a 401(k) for new hires in all other city jobs and a cap on the city’s overall payroll for five years.