November 9, 2011
Pension reform measures watched across California
Resounding voter support this week for pension reform measures in San Francisco and Modesto offered some reassurance to leaders of other California cities also struggling to deal with ever-tightening budgets partly due to the costs of generous retirement plans for their employees.
More than two-thirds of San Francisco voters in Tuesday's election supported Proposition C, which would increase contributions by some city workers and raise the minimum retirement age for some others to save $1.3 billion over the next decade. San Francisco faces a $4 billion obligation over the next decade for tens of thousands of current and former employees under its system, which was created in better economic times...
LINK - MercuryNews.com
