Ventura OKs 2-tier system for pensions
In an effort to corral mounting pension costs for employees, Ventura became the first city in Ventura County to call for a two-tiered pension system that would scale back benefits to future retirees. Existing employees would continue to receive promised pension payments for the rest of their retired lives, but could have to contribute more of their salaries to cover those future payouts. The City Council unanimously approved the changes, the details of which still must be negotiated and accepted by union and nonunion employees and their bargaining units.
Ventura County Star
In an effort to corral mounting pension costs for employees, Ventura became the first city in Ventura County to call for a two-tiered pension system that would scale back benefits to future retirees. Existing employees would continue to receive promised pension payments for the rest of their retired lives, but could have to contribute more of their salaries to cover those future payouts. The City Council unanimously approved the changes, the details of which still must be negotiated and accepted by union and nonunion employees and their bargaining units.
Ventura County Star