Tuesday brings a civic vote in San Jose, Calif. that many are saying could set an important precedent for the future of public employee retirement benefits across the nation.
According to Reuters, voters in the nation's 10th-largest city will be asked to approve Mayor Chuck Reed's sweeping proposal to slash workers' benefits and vastly increase employee contributions to their pension plans - a move that's expected to prompt a major legal challenge from the employees' unions.
Similar cost-cutting ballot initiatives, aimed squarely at the escalating cost of public retirement plans, will also be voted on in San Diego and Stockton.
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