The San Jose City Council, facing huge budget deficits tried to honor the will of the people by terminating life-time pension benefits for Council members. But they just learned ending wildly expensive retirement benefits may be wildly more expensive than staying in the plan. The California Public Employees’ Retirement System (CalPERS), which manages most public employee retirement benefits in California raised San Jose’s cost of checking-out of the pension plan by 584%.
Mayor Chuck Reed leads a conservative council majority in San Jose that have been battling to cut operating costs to keep the town of one million people from being forced to declare bankruptcy.
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