Pension Reform Advances

The San Jose City Council Tuesday moved a step closer to a pension reform ballot measure.

The council voted 6 to 5 to approve language for the measure that could go on the June ballot, according to the San Jose Mercury News.

Mayor Chuck Reed had sought a vote to declare a fiscal emergency but pulled the proposal after the city’s projected retirement benefit liabilities for next year shrank.

The San Jose pension fund’s actuary said liabilities for next year fell to $25 million from $80 million, according to the paper.

Reed still pushed for the pension language vote to enable the measure to make the ballot.

The city’s unions opposed the ballot measure as a violation of public pension protections.

According to Mercury News, they have said they will sue to stop the measure if it is approved.

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California
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