News Summary: 2 California cities vote on pensions

AP News
|
Posted: Jun 05, 2012 1:43 PM
News Summary: 2 California cities vote on pensions

PUBLIC PENSION DEBATE: Ballot measures Tuesday in San Diego and San Jose are among the most sweeping yet to cut pensions for government workers. The propositions target new hires and current employees.

BEYOND CALIFORNIA: State and local governments across the country are struggling with ballooning pension obligations, and Tuesday's votes are being closely watched beyond California.

THE PITCH: The ballot's supporters say pensions for city workers are unaffordable amid shrinking tax revenues and have led to cuts in city services. Supporters say city pensions are also more generous than retirement accounts offered by many private companies.