Pleasanton Council ratifies new contract with firefighters' union Around Town, posted by Editor, Pleasanton Weekly Online, on Aug 29, 2012 at 8:33 am
Firefighters in the Livermore-Pleasanton Fire Department whose pension and benefit plans have long been fully paid by both cities will start contributing 6% of their wages toward those plans Saturday with their share rising to 9% next July 1
Read the full story here Web Link posted Wednesday, August 29, 2012, 8:03 AM
Posted by Arnold, a resident of the Another Pleasanton neighborhood neighborhood, on Aug 29, 2012 at 8:33 am
"Further changes for new hires after Jan. 1 that are being proposed by Gov. Jerry Brown could also reduce the retirement formula to 2.7% of wages at age 57, instead of 3% at age 55 as it is today."
- those changes won't just happen. It will require the city to actually do something. Why didn't the council move to the 2.7% retirement plan on their own - now? The current savings (50% of the 2.13 million) will be consumed by the already scheduled pension cost increases and the dismal 1% returns CalPERS just posted, which will lead to future cost increases (beginning July 1, 2014). In the meantime the unfunded liability will continue to GROW...and GROW...
I'm not saying that this contract doesn't represent progress but I am saying the council is using a squirt gun to put at a large fire. More could of, and should of, been done.