San Diego re-opens DB plan option, after cutbacks ruled invalid

San Diego city officials are moving to re-open its pension system to new hires, as well as compensate recent hires who were offered a 401(k) retirement savings plan rather than a traditional defined benefit pension, reports the San Diego Union Tribune. Voters approved the pension change under the Proposition B ballot initiative in 2012, but courts ruled that the proposal was illegally placed on the ballot. The city’s cost of compensating hires after 2012 who were not offered the DB plan range from $20 million to $100 million.

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