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Mayoral candidate Nathan Fletcher, a supporter of the Comprehensive Pension Reform (CPR) initiative on the June ballot, today released CPR Plus: Bold Pension Reform from Day 1.
Stating that pension reform alone is not enough, Fletcher says his plan will allow him to lead by example if he is elected mayor, and start the monetary savings before the reform can be implemented.
“Comprehensive Pension Reform is an important first step, but CPR Plus goes even further. It will ensure city leaders are held to the same standard as everyone else. Under the Fletcher Administration, six-figure pensions will be a thing of the past. I will ask my team to sacrifice to rebuild our city,” Fletcher said.
Fletcher said that if voters approve pension reform, the next mayor would have to meet and confer with labor groups regarding its implementation, while also fighting public employee lawsuits in court.
CPR Plus’ measures however, can be implemented right away on the 720 city employees not represented by labor unions (including his mayoral staff and several top wage earners), all of whom combined represent a total of $64 million in annual salary expenses and an estimated $250,000 in add-on and specialty pays.
He proposed generating savings right away by placing all new management employees reporting to the mayor into a defined contribution pension plan; ending six-figure pension payouts by asking the council to cap the pensionable pay of management employees at $99,999.
And reduce all management compensation by 10% while prohibiting increases to base compensation for the next five years. Implementing the last measure alone, Fletcher said would save the city at least $6.4 million annually.
Mayoral candidate Nathan Fletcher, a supporter of the Comprehensive Pension Reform (CPR) initiative on the June ballot, today released CPR Plus: Bold Pension Reform from Day 1.
Stating that pension reform alone is not enough, Fletcher says his plan will allow him to lead by example if he is elected mayor, and start the monetary savings before the reform can be implemented.
“Comprehensive Pension Reform is an important first step, but CPR Plus goes even further. It will ensure city leaders are held to the same standard as everyone else. Under the Fletcher Administration, six-figure pensions will be a thing of the past. I will ask my team to sacrifice to rebuild our city,” Fletcher said.
Fletcher said that if voters approve pension reform, the next mayor would have to meet and confer with labor groups regarding its implementation, while also fighting public employee lawsuits in court.
CPR Plus’ measures however, can be implemented right away on the 720 city employees not represented by labor unions (including his mayoral staff and several top wage earners), all of whom combined represent a total of $64 million in annual salary expenses and an estimated $250,000 in add-on and specialty pays.
He proposed generating savings right away by placing all new management employees reporting to the mayor into a defined contribution pension plan; ending six-figure pension payouts by asking the council to cap the pensionable pay of management employees at $99,999.
And reduce all management compensation by 10% while prohibiting increases to base compensation for the next five years. Implementing the last measure alone, Fletcher said would save the city at least $6.4 million annually.