y Darren DaRonco | Arizona Daily Star
A planned citizens initiative that would force the city to put more money into funding employee pensions could bankrupt the city, officials say.
But backers of the initiative, who are expected to file about 20,000 petition signatures on Tuesday, say they just want to force the city to give employees the benefits they were promised years ago. They need 12,730 valid signatures to qualify for the November ballot.
At issue is whether the city should maintain its current guaranteed-benefit plan for non-public-safety employees, or switch to a 401(k)-type plan, in which how much an employee receives is based on what he or she contributes and how the market performs.
Also: Chino council OKs budget with end of employee furlough
