Wednesday, November 9, 2011
A measure to overhaul pensions for San Diego city government employees has qualified for the June ballot.
The city clerk's office said Tuesday that election officials estimated nearly 116,000 valid signatures had been submitted to put the measure to voters—well above the required 94,000.
The initiative would replace guaranteed pensions with 401k accounts for new hires except police officers. It would also curb pension payments for all employees.
Mayor Jerry Sanders says the measure could make San Diego a national model. Municipal labor unions are adamantly opposed.
San Diego's faces a $2.1 billion unfunded pension liability—a growing deficit that regularly threatens city services.