A Mayor's Pension Pushback
SAN JOSE, Calif.-By pushing to overhaul California's public-pension system, Mayor Chuck Reed has made himself an anomaly in this liberal state: a prominent Democrat willing to risk the ire of powerful labor interests.
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#1 Mar 13, 2014
"Union leaders say the move is unnecessary, as pension-system funding with improve with the economy." If that's what unions believe, they don't they tie their benefits to the portfolio performance? Instead of being a defined benefit, it will be based on the stock market performance. Perhaps keep one section that is stock-market performance based and the other defined benefit plan - similar to a variable annuity.
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