Proposition 13 Proponents Crafting New California Pension Reform Initiative

It looks like the era of $200K plus pensions for Police, Fire, California College Presidents, City Managers and other public employees may be coming to an end.

The group founded by the advocates of the tax-cutting Proposition 13 are crafting a ballot initiative that urges across-the-board cuts in public pensions and sets ups a new, CalPERS-style state retirement system for private employees.

The proposed initiative, which would apply to new and reinstated employees, would cap pay at $100,000 for the purposes of figuring retirement. It would bar any other compensation – such as bonuses, accrued overtime, accrued sick leave and vacation pay – from being included when calculating pensions.

The details of the initiative are here.

This is, of course, if the initiative passes which may be hard to predict because of the campaign sure to be waged by the very powerful California Labor movement.

Note, this does not seem to affect existing employees.