CALIFORNIA | LOCAL
May 1, 1998
In an attempt to trim the city's payroll by 14% by June, the City Council has voted to amend the retirement benefits package offered to city employees to entice employees to retire early. They also voted to hire a financial advisor. The new retirement package would allow employees to add 2% of their total salary for each year they work to their total retirement package at age 55. Under the current system, employees must be 60 years old to apply that method.