401(k) Backers Say Measure's Savings Tops $1B - Voice of San Diego

Elections UNVEILING THE UNSEEN

401(k) Backers Say Measure's Savings Tops $1B

After months of waiting, supporters have released their
justification for a plan to replace pensions with 401(k)s for most
city workers.

 

Backers of a ballot measure that would replace pensions with 401(k)s for most new San Diego city employees released an estimate to the Union-Tribune yesterday showing at least $1 billion in savings over the next three decades.

This morning, they distributed backup information to everyone else. I also attended an hour-long press briefing this morning and will be writing more later.

We wrote about the delay in releasing the financial information and concerns about costs earlier this month. The region’s largest labor group already has blasted the analysis.

Please contact Liam Dillon directly at liam.dillon@voiceofsandiego.org or 619.550.5663 and follow him on Twitter: twitter.com/dillonliam.

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