Councilman Peters & Mayor Sanders Reach Compromise on Pension Plan
San Diego Mayor Jerry Sanders and City Council President Scott Peters today reached a compromise on competing ballot initiatives aimed at overhauling San Diego's pension system. The agreement would create a hybrid pension plan for newly hired, nonpublic safety employees. That plan combines a conventional retirement plan with a 401(k)-type savings plan. Peters says city workers should be happy with the deal.
Peters: If the employees look at this compared to what they have today, clearly they'll be disappointed. If they look at it compared to what the mayor's proposed and what he's threatening to put on the ballot if we don't reach a compromise, I think they should be encouraged.
Sanders says taxpayers would save about $22.5 million annually by the time the entire city workforce is under the plan. Enrolling all city employees could take about 25 years.
