Los Angeles, CA -
(CNS) A coalition of business leaders, including former Mayor Richard Riordan, is threatening to mount a ballot measure campaign to strip city leaders of their authority over the municipal pension system and give it to voters if they don't reduce the taxpayers' share of retiree pensions.
The proposed ballot measure would also cap city employee salaries until the city's share of their pensions is reduced. The proposal drew criticism from civilian and public safety unions.
Service Employees International Union Local 721 President Bob Schoonover says his members achieved pension reform last year when they agreed to re-open their contracts and boost their contributions to the pension system from 6 percent to 11 percent of their salaries.
