ICYMI: Newport council approves pension changes for firefighters
Plan should save at least $325,000 a year in the short term, but structural changes could save millions over the long run, city manager says.
By Mike Reicher
9:59 PM PDT, May 22, 2012
Newport Beach firefighters will pay more toward their pensions, and newly hired firefighters will receive less in their retirement, according to a union contract the City Council unanimously approved Tuesday.
With the increased contributions and a less generous retirement plan, Newport joins a growing roster of California cities reforming their pensions and saving long-term employment costs.
“This is about finding balance about what is fair for our dedicated employees, and what is fair for taxpayers,” said Councilwoman Leslie Daigle.
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