Anti-Pension Group Admits it Has No Money for its Ballot Initiatives

A group pushing ballot initiatives that would have swept UC into a statewide pension formula turns out to have no money for signature gathering.

Excerpt:
 A conservative group announced Wednesday that it was suspending its campaign to put public employee pension reform on the November ballot.  Dan Pellissier, president of California Pension Reform, said his group could not raise enough money to mount a petition-signature drive. A successful drive typically requires at least $2 million...  "California Pension Reform is suspending its effort to qualify an initiative for the 2012 ballot after determining that the attorney general's false and misleading title and summary makes it nearly impossible to pass," Pellissier said in a statement. The group submitted two measures that qualified for signature gathering. One would have put new public employees into defined contribution plans, while the other would have put new workers into a hybrid plan that blends pensions with a 401(k)-style system...

Full story at http://www.insidebayarea.com/top-stories/ci_19921630