I am providing this memo to share with you a pension reform ballot measure to be put before the voters on the June 5, 2012 ballot. As I outlined last week at City Council, my proposed "Cap & Freeze" pension reform measure (see attachment #1) will achieve significant savings without the millions of dollars it will cost the City to implement a new 40l(k) style retirement plan (see attachment #2). Under this proposal the City would cap all pensions for new employees at $99;999 and institute a 5-year freeze on pensionable salaries.
If the City Council is supportive of this measure we would need to direct the City Attorney to review the proposed language, direct the City's labor negotiations team to conduct meet and confer with the applicable organized labor groups, after which this proposal would need to be considered by the Council prior to March 9th for placement on the June ballot. I welcome your input and look forward to discussing this matter, as I believe it is crucial that we provide voters with a choice on how best to address pension reform in San Diego.
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