The Secretary of State's office has announced three initiatives that would pare back public employee compensation have entered the signature-gathering phase to qualify for the November ballot.
Marcia Fritz of the California Foundation for Fiscal Responsibility is named as the sponsor of the first two measures. Click here for a November State Worker blog post with details about what Fritz and the foundation hope to accomplish with a mandatory two-tier pension system that reduces benefits for new hires.
You can read the secretary's announcement, the measures' legal titles and summaries and rules for ballot qualification by clicking this link.
Click the following link for details on the third public pension ballot initiative.
The other ballot measure seeks to cap public employee pension payouts at $100,000 per year:
LIMITS PENSION PAYMENTS THAT NEW PUBLIC EMPLOYEES MAY RECEIVE UPON RETIREMENT. INITIATIVE STATUTE. Limits the amount of pension payments that any new state or local public employee may receive upon retirement to $100,000 per year. Allows annual cost-of-living increases in proportion to the California Consumer Price Index, so long as total annual pension payments do not exceed $162,500. Prohibits the Legislature from adjusting these limits unless three-quarters of both houses approve. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Minor reductions in annual public sector pension costs in the short run. Major reductions in annual public sector pension and retiree health payments several decades from now. Possible increases in other public employee compensation costs, depending on future decisions made by governmental entities and voters. (09-0080.)
Click here for more details about the pension limits initiative. This link will open the letter that contains the measure's legal language submitted to the Attorney General for review.
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