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California Pension Overhaul Backers Won't Eye 2016 Ballot

  

(AP) - Proponents of voter initiatives to curb public pensions in California say they will no longer try to get a measure on the ballot this year.

Former San Jose Mayor Chuck Reed and former San Diego Councilman Carl DeMaio said Monday that they will pursue a ballot measure in November 2018, when they expect a more favorable political environment.

Reed and DeMaio had filed two proposals for the November 2016 ballot, planning to choose one. One would have put employees who first join a public pension system on or after January 2019, into 401(k)-style retirement savings plans that guarantee fixed contributions from employers instead of fixed returns.

The second measure would have capped how much employers could pay for new hires' retirement benefits to a certain percentage of their salary.