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Bay Area Council backs governor’s pension reform plans

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With Sacramento still at an impasse over how to solve California’s $19 billion budget deficit, the Bay Area Council announced its firm support for Gov. Arnold Schwarzenegger’s pension reform plan.

The council said it supports the governor’s plan to roll back the expansion of pension benefits for all new hires, as well as create a 5 percent increase in state employee pretax contribution toward retirement benefits.

“Tough medicine is needed to heal California’s fiscal ills and the first dose is significant pension reform,” said Jim Wunderman, President and CEO of the Bay Area Council. “Since January, inaction in Sacramento has added nearly $3 billion to the deficit, a number that will only grow until lawmakers get serious and make the cuts that have to be made.”

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