Filner called the initiative a fraud that throws public employees under
the bus for the disastrous decisions made by previous mayors —
Republicans, he noted — that created a nearly $2.2 billion pension
deficit. He is offering an alternative plan that would cap pensions at
about $106,000, reach a five-year labor deal with workers and refinance
the pension debt with low-interest municipal bonds. Filner said it would
free up $500 million over the next few years, although he has yet to
release specifics.
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