Faithful readers of this blog will know that in late July it contained a report of a pension initiative that might have had traction. The reason was that the initiative's author had a track record in getting support for past propositions, including especially the recall of Governor Gray Davis.
That said, the initiative itself was a confusing amalgam of various ideas including creating a pension for private sector employers and workers that would mirror CalPERS. The author appeared to be fishing for some financial angel to provide support, after which some new version of the initiative would have been submitted.
Apparently, no fish was hooked. The Legislative Analyst’s Office – which is required to make a fiscal analysis of initiatives before they go into circulation - effectively says the whole thing is so confusing and raises so many legal problems that it (the LAO) is unable to provide any dollar estimates. With that kind of analysis tacked on to the initiative, it isn’t going anywhere.
The Leg Analyst’s official review is at http://www.lao.ca.gov/ballot/2011/110534.pdf
Our original post is at http://uclafacultyassociation.blogspot.com/2011/07/not-again-another-pension-initiative.html
It could have turned out differently, of course: