Defined Contributions for City of LaMesa
From California City News:
A big development in San Diego County--which along with Orange County is the hotbed of pension reform. City employees in La Mesa agreed to begin kicking in 8 percent of their salaries towards their own pensions. They were given half that amount back in salary increases, but the change is set to save the city up to $1 million a year, and establishes a milestone in the contributions themselves.
As Ed Mendel writes in his CalPensions blog, the "cities in the county had a front-row seat for the pension scandal in San Diego," and a working group of city managers decided to do something about it.
Read more, it's about your future. Also worth a read is a Daily Bulletin piece outlining the battle lines surrounding public pensions.
A big development in San Diego County--which along with Orange County is the hotbed of pension reform. City employees in La Mesa agreed to begin kicking in 8 percent of their salaries towards their own pensions. They were given half that amount back in salary increases, but the change is set to save the city up to $1 million a year, and establishes a milestone in the contributions themselves.
As Ed Mendel writes in his CalPensions blog, the "cities in the county had a front-row seat for the pension scandal in San Diego," and a working group of city managers decided to do something about it.
Read more, it's about your future. Also worth a read is a Daily Bulletin piece outlining the battle lines surrounding public pensions.
Labels: Pension
posted by City Manager @ 6:07 AM
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