Hi All,
This ballot initiative is now in the Sect. of State's office for naming and explanation so its name mat change some but not its intent. it should be out for signature gathering by the 2nd week of Jan.
David Walrath feels that if this reaches the ballot as a money saving plan for the state it will be very difficult to defeat. He is working to be keep the words money saving out of the explanation .This is a continuation of the Richmann attacks on public pensions. Dr.Richmann is very ill and the cause has been taken up by California Foundation for Fiscal Responsibility lead by Marcia Fritz. She is younger, very smart and has learned by mistakes made by Richmann, better funded and very dangerous.

Attached are more complete explainations; some things included would require would require new teachers to work until age 66 or 67 to get a full pension the factor reduced from 2.4% to as low as 1.25. not sick or vacation or bonus pay would count.Cap of 75% of last 5 year average. A teacher could have to work up to 45 years for a full pension.

Why do we care beacuse it would not be retroactive. Besides our concerns for education and the welfare of teachers It would mean the system would collect less money and since we have some guatantees it would mean the state would have to contribut more tax money so no cost saving to the state and we could end up paying higer taxes. Also no new benifits could be retroactive so we could not get more than 85% puraching power and no medical benifits.

We need to stop this at the signature level. The way our pac fund is set up we can use them for a ballot initiave but we are not sure about using them to campaign againsts signatures. The lawyers are checking into this.

So DO NOT SIGN ANY PETTITION THAT EVEN HINTS AT PENSION REFORM AND ASK EVERYONE YOU KNOW NOT TO SIGN AS WELL

Thanks. More info from the Board Meeting will be coming to you soon.
Carol