The San Jose City Council passed an ordinance Tuesday that will implement a second tier pension plan for new employees.
Gov. Jerry Brown on Tuesday announced systemic reforms to California’s badly underfunded public pension system that he says will save taxpayers billions of dollars over time.
The California State Auditor has released a new report showing San Jose officials likely overstated future pension costs by millions of dollars, with the higher figures used in the lead-up to June’s controversial pension reform measure.
California’s State Legislature returned to work Monday from its summer recess with pension reform topping their agenda as well as hundreds of bills they still need to consider.
The governor said he couldn’t reach a deal with lawmakers on his comprehensive proposal that included raising the retirement age and moving workers to a hybrid pension-401(k) system.
If the Governor’s tax proposal has any chance of passing in November, a government reform measure is due and legislators only have until June 28 to vote on any such measure.
Rising pension costs are decimating essential city services, according to a grand jury report issued Wednesday.
Decisive victories for ballot proposals cutting retirement benefits for government workers in two of the largest cities in the U.S. emboldened advocates seeking to curb pensions in state capitols and city halls across the nation.
Less than 24 hours after San Jose voters approved an overhaul of city employee pensions, unions representing police officers and firefighters filed suit.
San Jose’s much-debated pension reform Measure B passed with 70 percent approval on Tuesday, marking a major victory for Mayor Chuck Reed, who has been watched nationally for his attempts to rein in retirement costs.