Posts Tagged: Reed
But a series of state court rulings are widely believed to mean that the pension offered current workers on the date of hire becomes a vested right, protected by contract law, that can only be cut if offset by a new benefit of comparable value. Santa Clara County Superior Court Judge Patricia Lucas said in her ruling the question before her court is “one of law, not of policy,” referring to a state Supreme Court response to city and county briefs on an Orange County attempt to cut retirement costs.
A major public pension reform initiative got a mixed cost analysis last week from the nonpartisan Legislative Analyst’s Office. The measure would give state and local governments the option of cutting retirement benefits current workers earn in the future, while preserving benefits already earned through past service.
OPINION: In mid-October, San Jose Mayor Chuck Reed announced he was taking steps to put a measure on the November 2014 ballot to give local politicians the power to break their promises to teachers, firefighters, police officers and other public employees to provide them with a secure retirement.