Statement of Dave Low, Chairman of Californians for Retirement Security (CRS) on the filing of a ballot measure to slash retirement to California's public employees. CRS is a coalition representing more than 1.6 million teachers, firefighters, police officers, school employees, and other active and retired public employees.
"This extreme proposal, advanced by a career politician and funded by a former Texas-based Enron trader, breaks the promise of a secure retirement made to millions of Californians, many of whom are ineligible for Social Security and have an average pension of $26,000 per year. It will allow public employers to unilaterally cut the retirement benefits promised to current teachers, firefighters, police officers and school bus drivers -- a promise upheld by the Supreme Court that politicians and hedge fund managers want to change to allow employers to reneg on it.
"If it is put on the ballot, it will energize the same coalition that defeated Proposition 32 by a record margin in 2014. Californians have constantly shown their distaste for measures put on the ballot by Texas interests and secret out-of-state contributors, and we expect this flawed proposal to be no different."