San Jose's public pension reform efforts, considered by experts to be a bellwether for municipalities around the country, is again going to be delayed, reported The San Jose Mercury News.
The city council and public unions have agreed to delay proposed pension and pay cuts for another year after a Santa Clara Superior Court judge signed an agreement this week.
In 2010 San Jose voters overwhelmingly supported drastic measures to bring the city's public pension liabilities in line with city revenues. Among other reforms passed by voters, Measure B called for existing public employees to pay more into their pensions.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
