Why do these mayors want to deregulate your pension?

Posted: 10/16/2013 Tags: election pension Tags Views: 2007 Print:

Under the guise of protecting public services, several California mayors have proposed altering California's constitution to allow state and local administrators to gut pension benefits for current employees.

San Jose Democrat Mayor Chuck Reed and four other mayors - Bill Kampe (D-Pacific Grove), Pat Morris (D-San Bernardino), Miguel Pulido (D-Santa Ana), and Tom Tait (R-Anaheim) - filed papers this week to begin the process of putting their "Pension Reform Act of 2014" on the ballot for a statewide vote. 

If approved by voters, the Pension Reform Act would deregulate California's state and local pension systems and allow elected officials to eliminate future benefits that have been promised to current employees.

Reed et al framed the act by calling on the State to adminster employees' pensions with "similar standards" as those found in the private sector. 

What do you think? When it comes to your pension are you comfortable with the State being held to the same low standards that were applied to Enron?

Drop a comment below and let us know what you think.

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