TWO MEASURES VIE WITH GOVERNOR'S PLANS.Byline: Harrison Harrison, town (1990 pop. 13,425), Hudson co., NE N.J., an industrial suburb on the Passaic River opposite Newark; inc. 1869. The town has several foundries. Its manufactures include plastics, paperboard, and metal products. Sheppard Sacramento Bureau SACRAMENTO - In addition to the pension-reform legislation and initiative backed by Gov. Arnold Schwarzenegger Arnold Alois Schwarzenegger (German pronunciation (IPA): [ˈaɐ̯nɔlt ˈaloɪ̯s ˈʃvaɐ̯ʦənˌʔɛɡɐ] , at least two competing pension reform measures could end up on the same special election ballot this fall. One measure, sponsored by the UCLA UCLA University of California at Los Angeles UCLA University Center for Learning Assistance (Illinois State University) UCLA University of Carrollton, TX and Lower Addison, TX Faculty Association, would create a 401(k)-style pension plan for public employees almost identical to the governor's proposal, but would allow University of California The University of California has a combined student body of more than 191,000 students, over 1,340,000 living alumni, and a combined systemwide and campus endowment of just over $7.3 billion (8th largest in the United States). employees to remain on a traditional pension plan. The association argues that the UC pension system has avoided some of the problems that have dogged the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Public Employees' Retirement System such as the billions in unfunded liabilities, and that the traditional pension serves as a strong recruiting tool. The other ballot measure takes the exact opposite approach from the governor's. The Consumer Federation of California The Consumer Federation of California (CFC) was founded in 1960 as a non-profit consumer advocacy organization. CFC campaigns for state and federal laws and appears at the California State Legislature in support of consumer focused regulations. proposes that rather than eliminating the traditional pension plan for public employees, private employers in California should be required to provide such a plan for nearly all their employees. The Portable Retirement Security Act of 2005 seeks to establish a massive pension fund controlled by CalPERS that would administer the newly required plans. Most employers, except for the smallest businesses and those that already offer a pension plan, would be required to contribute to the plan. Employers would be required to make contributions, but employees could opt out of taking deductions from their paychecks and would receive smaller retirement benefits in the end. The measure's author, the Consumer Federation of California, acknowledges it would likely cost California businesses billions of dollars, but argues it would improve the quality of life here and make the state more attractive to employees. The governor has not taken official positions on either measure, but his press secretary, Margita Thompson Thompson, city, Canada Thompson, city (1991 pop. 14,977), central Man., Canada, on the Burntwood River. A mining town, it developed after large nickel deposits were discovered in the area in 1956. , said he supports his pension proposal as it currently stands, including the UC system in the conversion to a 401(k)-style plan. Harrison Sheppard, (916)446-6723 harrison.sheppard(at)dailynews.com |
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