Excerpt from the Mercury News…
San Diego Councilman Carl DeMaio, a mayoral candidate who is making that city’s initiative his campaign centerpiece, has crafted one of the most aggressive plans in the state. His initiative not only would transition new hires to defined contribution, or 401(k), plans, but also “picks the lock” of existing pensions by increasing the amount city employees must contribute to their own plans and freezing the salaries used to calculate their pension benefits for five years, possibly longer.
“You see it happening up and down California,” DeMaio said. “The reality has sunk in that government, lifelong guaranteed pensions are not sustainable.”