Tuesday brings a civic vote in San Jose, Calif. that many aresaying could set an important precedent for the future of publicemployee retirement benefits across the nation.
According to Reuters, voters in the nation's 10th-largest citywill be asked to approve Mayor Chuck Reed's sweeping proposal toslash workers' benefits and vastly increase employee contributionsto their pension plans - a move that's expected to prompt a majorlegal challenge from the employees' unions.
Similar cost-cutting ballot initiatives, aimed squarely at theescalating cost of public retirement plans, will also be voted onin San Diego and Stockton.
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