The head of one of California's most contentious retirement programs has decided to retire himself after five controversial years, according to the San Jose Mercury News.
Russell Crosby, director of San Jose's civic retirement program, leaves after a protracted struggle between unionized workers and and Crosby's own attempts to radically retool a substantially underfunded and critically mismanaged retirement system.
Crosby is expected to leave some time after residents vote on Measure B, a proposal which would reduce retirement benefits for newly hired employees and hike up pension contributions among existing workers. The city's $4.6 billion retirement system is said to be more than $2.7 billion short of funds to cover future needs; Mayor Chuck Reed says the city's annual retirement costs have tripled in a decade, to $245 million.
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