Providing retirement benefits to public employees in California is projected to cost hundreds of billions of dollars over the next 30 years. A proposed ballot initiative aims to reduce some of those costs. KPBS reporter Kenny Goldberg has more.
Under the proposal, public employees in California would have to wait until ages 65 to 67 to get full pension benefits. Police and firefighters could retire at age 55. The measure would only apply to new hires as of July 2009.
Former Assemblyman Keith Richman came up with the idea. He says the state can't afford the current system.
Richman : We have public employees throughout the state of California that are retiring at age 50 or 55, with more than 100 percent of their salary, cost of living raises, and retiree health benefits.
Labor officials say the plan would be unfair.
Richman will try to gather enough signatures to place his measure on next year's ballot.
Kenny Goldberg, KPBS News.
