The City of San Diego's deal made with its city unions to replace the old costly pensions with a less expensive SPSP-H pension plan now has a larger city contribution. This week, the city council approved two yearly increases to the percentage of employee incomes the city has to pay into union employees' retirement savings.
City employees in the Municipal Employees Association and the Teamsters local union will get a larger contribution from the city than the average employees working for the same kind of pay, hourly, who get a 3.75 percent contribution from the City of San Diego. Hourly wage employees in the two unions hired after July, 2012 will earn the larger pension reward for their work.
Starting this July, union workers can save the 4.25 percent matching contribution the city council made a local ordinance mandate for the city. The city's pension matching contribution goes up to 6 percent next July.
Supplemental Pension Savings Plan H were reworked at City Hall to give the city's hourly employees a savings plan that gives the hourly workers money for retirement at a level comparable to the 401(k) style retirement savings salaried city employees will use. With the city contribution increase agreed on this week, the pensions savings levels will not stay at a low flat level.
THe pension win for uniion employees adds to the recent agreement on a slow restoration of lowered union wages. The five year deal the city's five unions signed with the city did not make up for the loss of traditional city pensions. City of San Diego officials did not agree on pension increases. Or, a full replacement for old pensions earned by hourly employees like the 401(k) style plan regular salaried employees will earn.
THis is the latest telling news for High Times on Friday. To read an earlier article, read
Work on the Minimum Wage Initiative ends in June
Elections officials get more time to finish work
Show times on at Coronado TV