What would the 'pension reform' initiative do?More than 80 Menlo Park residents are going door to door collecting signatures for an initiative drive aimed at scaling back pension benefits for future municipal, non-police employees.
The group leading the drive argues that the current system is unsustainable, and that changing the system for future employees will help stabilize the city's somewhat dour long-term budget forecast.
The initiative would:
• Reduce pension payments from four-fifths of the highest annual salary to three-fifths of the average of the highest three consecutive years;
• Increase retirement age from 55 to 60 years old; and
• Require voter approval of any "enhancements" to pension benefits.
Henry Riggs, one of the leaders of the initiative drive, said the group is on track to meet its goal of 2,400 signatures by the end of April, when it must turn them in to the city.
Go to MenloParkPensionReform2010.org for more information, or e-mail info@MenloParkPensionReform2010.org.