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Fiscal Pressures Affecting the City of San Jose. Office of Mayor Chuck Reed. Last Updated: 11/01/2012. A Shrinking Number of City Employees. Office of Mayor Chuck Reed. Last Updated: 12/09/2011. Police Department Budget and Staffing Since FY2001-02. Office of Mayor Chuck Reed.
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Fiscal Pressures Affecting the City of San Jose Office of Mayor Chuck Reed Last Updated: 11/01/2012
A Shrinking Number of City Employees Office of Mayor Chuck Reed Last Updated: 12/09/2011
Police Department Budget and Staffing Since FY2001-02 Office of Mayor Chuck Reed Last Updated: 12/06/2011
The City’s Skyrocketing Retirement Costs Office of Mayor Chuck Reed Last Updated: 12/08/2011
San Jose’s Unfunded Liability for Retirement Benefits Office of Mayor Chuck Reed Last Updated: 06/18/2012
“To achieve significant savings sooner and slash unfunded liabilities, lawmakers need to freeze the pensions of current workers and reduce their benefits going forward, as San Jose voters did earlier this summer via referendum.” – Wall Street Journal Editorial: California’s Pension Dodge, 9/7/12
San Jose’s Pension Reform Ballot Measure • Creates a lower-cost plan for new employees: • Higher retirement ages, lower accrual rate, reduced COLA • 50/50 cost sharing of normal cost and unfunded liability • Current employees keep benefits accrued to date. Going forward, they can either: • Pay More to Stay On Their Current Pension Plan • Switch to a more modest pension plan for future years of service
What Still Needs to Be Done? “Cities need clear authority to modify future pension accruals and to give their employees an option to choose a lower-cost benefit. Enhancing local governments’ abilities to use these tools, subject to the meet and confer requirements of state law, is one of the most important things the state legislature can do this year.” - Letter from California’s “Big 10” Mayors
