It is probably accurate to state that not one public safety employee, anywhere, who is currently retired or about to retire, expected to accrue their retirement benefit under a 3% per year multiplier back when they entered public service. Because SB 400 that enabled the first fully retroactive 3% benefit was passed back in 1999, which is relatively recently. Although San Jose began to modestly enhance pension benefit formulas as early as 1991, even those hires would only be completing their 22nd year of work. To no longer being able to accrue retirement benefits at the 3% per year rate from now on – unless agreeing to more withholding to pay for it – is not much to ask. Any reporter who reports on public employees facing pay and benefit cuts, who doesn’t also report just how much those pay and benefits are worth, is not doing their job. And they need to report averages that are restricted to full-time workers, that include ALL employer paid benefits. That rule should apply whether they write for the New York Times, or the Campbell Press.
Posted on: Wed, 25 Sep 2013 00:43:05 +0000
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