New proposal ignores health care costs, creates separate pension package for new hires
City Public Defender Jeff Adachi has settled on a pension-reform proposal and is starting to gather voter signatures to place it on the November ballot.
Adachi had filed several different proposals in recent weeks with the city Board of Elections.
His final proposal would require all city employees and elected officials to pay 7.5 percent of their salaries in to the pension fund. Police and firefighters would pay 10 percent, since their pension packages are more lucrative. Pension-fund contributions are estimated to cost the city nearly 30 percent of employee payroll by 2015.
The plan would also raise the retirement age of employees hired after January 1, 2012 and also cap pensionable income for new employees at $140,000.
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