Public pensions under fire after long immunity
Efforts to cut obligations are gaining ground
For years, companies have been chipping away at workers’ pensions. Now, two California cities may help pave the way for governments to follow suit. Voters in San Diego and San Jose, the nation’s eighth- and 10th-largest cities, overwhelmingly approved ballot measures last week to roll back municipal retirement benefits - and not just for future hires but for current employees.