City of San Diego Will Retroactively Replace Thousands of Employees’ DC Plans With Pensions

By Anna Gordon Source: AI-CIO.com The city of San Diego will be offering retroactive defined benefit (DB) pension plans to thousands of city employees who were previously only offered defined contribution (DC) 401(k)-style plans. The decision comes after the California Supreme Court overturned 2012’s Proposition B, a law that was passed after being voted on by the public. Proposition B shifted all city employees except police officers away from pensions to DC plans. The law was in effect from [...]