The California Foundation for Fiscal Responsibility has filed language for a ballot measure that would create a secondary pension system for newly hired public employees, the Sacramento Bee reports.
The new pension system would require public employers and workers to contribute enough funds to pay for future pensions and retiree health benefits.
The plan would also would:
- Cap annual pension benefits;
- Change certain retirement and pension formulas;
- Require pension changes to face a public vote;
- Tie full retirement age to the federal standard; and
- Use a three-year average base pay to calculate benefits.
In 2007 the group proposed a similar measure that did not garner enough support.
Marcia Fritz, president of the foundation, said her group is working to collect the one million signatures necessary to include the proposal in the November 2010 election. She added that the foundation also is seeking financial backing for the campaign (Ortiz, Sacramento Bee