San Diego, CA (PressExposure) August 03, 2011 -- The San Diego Regional Chamber of Commerce, representing over 400,000 chamber members' employees, today announced its support for the Comprehensive Pension Reform Initiative. The Chamber's Board unanimously voted to endorse the initiative during a recent Board of Directors meeting.
"This initiative makes good economic sense," said Ruben Barrales, Chamber president and CEO. "If the initiative qualifies for the ballot and is approved by the voters next year, it will provide significant reform for the City of San Diego, and save taxpayer dollars for important city services. To sustain economic growth, the city must establish policies that recognize the importance of responsible spending."
"This is strong evidence of the support for pension reform from the business community," said Vincent Mudd, Chamber chairman. "The Chamber intends to educate all of its members on the Comprehensive Pension Reform Initiative and believes more support will follow."
According to proponents, the initiative will end pension spiking, establish a 401 (k)-style plan for new hires, require city employees to pay a fair share of pension costs, cap "pensionable" employee compensation for 5 years, provide for online disclosure of pension payouts, prevent city government unions from blocking reforms, and guarantee death and disability benefits for all public safety personnel including police officers, firefighters and lifeguards. Estimates put the savings of the reform from $1.2 to $2.2 billion over twenty seven years, depending on various actuarial assumptions.
"This initiative ends traditional pensions and, instead, provides city employees with 401 (k)-style plans, similar to those offered in the private sector," said City of San Diego Mayor Jerry Sanders. "Over the next three decades, it would save at least $1.2 billion that could be used for important city services such as police, fire, parks and libraries."
The campaign is currently collecting signatures to qualify for the June 2012 ballot. To support the initiative, visit http://www.realpensionreform.com. Click here to see the full savings analysis.
The San Diego Regional Chamber of Commerce is a nonprofit membership organization that helps provide a voice for San Diego businesses through advocacy, member-to-member connections and professional development. Representing more than 400,000 chamber members' employees, the chamber is committed to organizing the business community to help make San Diego a better place to do business. For more information on the chamber, please visit http://www.sdchamber.org or call 619/544-1300.
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