Tags: Schwarzenegger | Abandons | Pension | Overhaul

Schwarzenegger Abandons Pension Overhaul

Thursday, 07 April 2005 12:00 AM

"Let's pull it back and do it better," said Schwarzenegger, flanked by more than a dozen police, fire and local government leaders.

The move followed days of meetings with police and fire chiefs and survivors of firefighters and police officers killed in the line of duty, all of whom expressed concerns that the ballot language opened the possibility that the employees would lose death and disability payments.

The attorney general's office, analyzing the proposed ballot language, had earlier reached the same conclusion.

Schwarzenegger said that was not his intention.

Schwarzenegger, who has called the state's pension system "another government program out of control," wanted to hold down the state's escalating pension contributions by making new employees open 401(k)-style individual investment accounts.

The state's contribution to the pension system this year is $2.6 billion, up from $160 million in 2000.

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"Let's pull it back and do it better," said Schwarzenegger, flanked by more than a dozen police, fire and local government leaders. The move followed days of meetings with police and fire chiefs and survivors of firefighters and police officers killed in the line of duty,...
Schwarzenegger,Abandons,Pension,Overhaul
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2005-00-07
Thursday, 07 April 2005 12:00 AM
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