Mayor Lee Jeff Adachi
  • Cap pensions at $195,000
 Cap pensions at $140,000
Raise retirement age for new hires Raise retirement age for public safety employees from 55 to 57 and 62 to 65 for all others
Eliminate pension spiking Eliminate pension spiking
Fixed yearly employee contribution rateto pensions and benefitsdepending on economic conditions Income-based employee contribution rate to pensions and benefits depending on economic conditions

  • City employees required to pay at least 7.5% and public safety officers to pay at least 10% of their salaries towards pension funds.
  • Lowest earners would pay no more than 7.5% and the highest can pay as much as 15%
Reduce benefits for new workers Reduce benefits for new workers

 

Both proposals are being criticized for not including any new revenue sources and for making the workers bear the burden of a recession driven by Wall Street by slashing their wages and reducing their purchasing power.  What is certain is that fiscal sacrifices are necessary and a compromise must be reached soon in order to stop  the rampant draining of the social safety net/government services which in the long run, becomes a much deeper attack on the working class.