Facing an ocean of debt, San Diego is offering voters in June a potential lifeboat: public employee pension reform.
“Taxpayers have had it,” former Mayor Roger Hedgecock said. “A huge portion of the city budget is going to fund these pensions far beyond anything in private sector.”
The initiative would force new city workers into private-sector style 401(k)s. Current employees would pay more, and their retirement payments would be based solely on base salary – not accrued sick leave and vacation time, often used to inflate pension pay.
Welcome to the revolution.