San Jose Mayor Chuck Reed filed paperwork to get The Pension Reform Act of 2014 on the ballot, and made it clear what he hopes to accomplish.
"This initiative would allow local governments in particular, but also the state, to make changes in future retirement benefits while protecting benefits as they are earned."
The effort aims to prevent cuts to public services and keep cities from insolvency despite the rising cost of the status quo, saying,
"Skyrocketing retirement costs all over the state are crowding out services like police, fire, libraries, community centers, and street maintenance."
Four other Mayors joined Reed in submitting the initiative... which would also protect existing collective bargaining agreements.