Let’s call this Measure F what it is: FISCAL FAILURE
Full REPEAL of Pension Reform and a Massive INCREASE in Public Pensions
This measure had no public input in its drafting. Public union bosses and city leaders negotiated in secret, not revealing the ballot language until mere hours before the council vote.
Why the secrecy? Maybe this is why:
For many employees:
- Pension benefits are increased by a whopping 23%
- Cost of living increase maximums for retirees will rise by 33%
- The city’s pension contribution rates will skyrocket by 36%
San Jose reports it will contribute over $369,000,000 more just to pay for these pension increases. With these extra pension costs, how are we going to pay from much needed services, like libraries, parks, potholes and public safety?
Is this why they had to raise the sales tax and are now trying to raise the business tax?
Over 1000 employees will even receive RETROACTIVE pension increases. We don’t even know how many millions that will come to, because city leaders didn’t calculate the cost – even though state law requires it.
Employees under this new benefit can receive much higher pensions than CalPERS employees in other cities, because this measure doesn’t have the compensation limits that the California Public Employees’ Pension Reform Act put in place. This will lead to much higher six-figure pensions in San Jose than many other cities – for the exact same jobs.
70% of San Jose voters approved Measure B in 2012 because the old pension system was unsustainable. Now this measure will put more people back into that system where pension contributions continue to rise, some now exceeding 92% of payroll. While Measure B pensions are stable: contributions are less than 22% of payroll.
Measure B provided fair, sustainable pensions. This measure undoes that.
Don’t go backward. Vote NO on Measure F