This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

National Press Club To Host "NEWSMAKER" Media Briefing: San Diego Mayor Jerry Sanders To Discuss Pension And Retiree Health Benefit Reform

Sanders expecting his city to be the next big battle over public employee benefits

WASHINGTON, Feb. 1, 2012 /PRNewswire-USNewswire/ -- Governors and mayors nationwide facing budget deficits are focusing on the costs of public employee pensions and retiree healthcare benefits. In San Diego an initiative has qualified for the June ballot that would, among other things, end guaranteed pensions for all new city hires, excluding police officers, replacing them with a 401(k)-style plan. Mayor Jerry Sanders, who played a key role in crafting the controversial initiative as a private citizen, says the initiative will save at least $1.2 billion over the next three decades.  


Mayor Sanders will discuss his city's pension reform efforts, his plan approved last month to address soaring healthcare expenses for retired city workers, and San Diego's economic future during a National Press Club Newsmaker news conference, 10:00 a.m. Monday, February 13, 2012, National Press Building, 529 14th St., NW, Washington, D.C.

When Sanders took office in 2005, the city of San Diego was rocked by a pension-underfunding scheme that put the city's bond disclosures under Securities & Exchange Commission investigation and caused the city's credit rating to be suspended. The New York Times dubbed San Diego "Enron-by-the-Sea."

In 2006, Sanders backed a voter-approved initiative, which now requires any increase in pension benefits to be approved by voters. In addition, employees hired after July 1, 2009 are put into a separate pension plan in which they contribute more toward their retirement savings and bear more investment risk – similar to private-sector plans. The new system, which has become a model for other state and municipal pension programs, will save the city an estimated $36 million over the next decade. The recently approved retiree healthcare plan will save taxpayers more than $700 million over the next 25 years.

Sanders is also available to speak about a number of major projects he is pursuing, including a new $180 million central library downtown, which will open next year, as well a large expansion of the city's Convention Center and a new sports and entertainment district, to be anchored by a multi-use stadium.

SOURCE National Press Club

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,084.49 +33.74 0.20%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,830.47 +19.6820 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs