Reform 10.1: 401(k) Plan for Politicians

Close the Defined Benefit Plan for Politicians and Establish a 401(k) Plan

Other Information:

Elected officials currently receive the richest retirement multiplier of any city employee classification. While we have previously proposed overhauling the current pension and contribution subsidy provided to elected officials, we propose the following amendment to the Municipal Code be made as part of this plan: §24.1708 Elected Officer Retirement Plan Effective December 1, 2010 Any Elected Officer who takes office after December 1,2010 shall not be eligible to enroll in the retirement system provided for in Sections 24.1701 through 24.1707. Any Elected Officer who takes office after December 1,2010 shall only receive a retirement allowance in the form of an employer contribution to match up to 7% of the annual base salary of that Elected Officer. For any year when the City of San Diego makes payments on behalf of Elected Officers into the federal Social Security system, the match shall be capped at no more than 3% of the annual base salary of the Elected Officer.

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