San Jose Mayor Chuck Reed, with the financial support of an Enron billionaire from Texas, wants to get on the November 2014 ballot an initiative that would allow public employers to slash pension benefits for current workers and allow them to do so without going through the collective bargaining process.
This pension scheme has lost the support of a key Democratic mayor and is experiencing other major setbacks even before it has received its title and summary from the California Attorney General’s Office.
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This is not only a direct threat to the retirement security of millions of working families, it is a dangerous distraction from the real retirement crisis in America where 1 in 11 retire in poverty.
We will fight this initiative every step of the way.