The Pension Initiative: Is the Money in Hand?

Blog readers will know that a pension initiative has been submitted for the 2016 ballot that would cover all state and local plans in California including UC's plan.* It would bar anything but a defined contribution plan for new hires starting in 2019.** The proposed initiative was announced with great fanfare and much media attention by its sponsors. Despite the fanfare, or maybe because of it, an interesting question is raised. The sponsors made explicit note of how expensive it would be to obtain the needed signatures. So do they have the money in hand to mount such an effort? Even if it gets on the ballot, do they have the money for a campaign thereafter to get voters to enact it? Apparently, the answer is no.*** So was the fanfare intended to attract some wealthy donors who are as yet uncommitted?
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*The initiative has now been filed and awaits review by the state attorney general. Its web link is at https://oag.ca.gov/system/files/initiatives/pdfs/15-0033%20%28Pension%20Reform%29.pdf
**http://uclafacultyassociation.blogspot.com/2015/06/yet-another-pension-headache-for-uc.html
***"When asked during an interview with The Sacramento Bee this week whether the campaign had collected any money, (former San Jose Mayor Chuck) Reed said the group had not." See http://www.sacbee.com/news/politics-government/the-state-worker/article23237631.html

Read more here: http://www.sacbee.com/news/politics-government/the-state-worker/article23237631.html#storylink=cpy