Pension Reform Pledge
My Pledge:
“As my record on the Novato City Council clearly indicates, I will continue working diligently on responsible pension reform based on complete and factual information and a long-term financial strategy specific to Novato’s needs.”

“I strongly believe that responsible reform to our current pension system is essential to fiscal sustainability.”

As Novato’s representative on the Marin County Council of Mayors and Councilmembers (MCCMC) Pension and Other Post Employment Benefits Ad Hoc Committee, I took the lead in developing and outlining a range of strategies that local officials could use as a basis for reforming pension benefits within their scope of authority as allowed under state law. My record on the Novato City Council is clear that I have consistently advocated for pension reform that is less risk for the taxpayer and reasonable for employees.

WHY THE NEED FOR PENSION REFORM?

Source: Marin County Council of Mayors and Councilmembers: Marin County Local Government Reform of Pensions and Other Post Employment Benefits, report by the ad-hoc committee; page 7

Unrealistic Financial Assumptions: To sustain investment returns at the 7 ¾% discount rate, a pension system would need to grow assets by 211% in every decade thereafter
Changing demographics: More retirees, living longer and retiring earlier
Pension Fund (CalPERS) bears little risk for not meeting investment returns; all risk is assumed by taxpayers and City

WHAT’S BEEN ACCOMPLISHED IN NOVATO:

Since 2003, we've not increased our pension formulas

In 2010, City Council reached our first pension agreement with labor

Novato has never offered a retiree health care plan as a benefit

City Council requested the preparation of an actuarial analysis of our pension liability and review of our entire compensation package

WHAT’S NEXT:

A thorough review will be done of the actuarial and compensation analysis in next few months
There will be continued discussions with employees and the public on sustainable strategies
Responsible pension reform will be an integral part of our ongoing long-term strategy for achieving a fiscally-responsible budget striving for less risk to taxpayers and reasonableness for employees

"THE PLEDGE":

“I support the hard work of the Citizens for Sustainable Pension Plans and the intent of their request that all elected officials sign their “Pledge”. However, I cannot sign my name to a blanket concept that asks me to promise to uphold a set of non-specifics over which I have absolutely no decision-making authority or the appropriate information necessary to make a responsible choice.”

As written, this pledge relates only to decisions about the governing of Marin County; my sphere of decision-making authority is limited to Novato
This pledge instructs policy-makers to promise to “make every attempt to end all practices that contribute to this crisis”
- I can’t commit to a promise without knowing any facts, consequences, or the criteria to define those practices
- the best interests of one community may be very different than those of another

MY PLEDGE:

“As my record on the Novato City Council clearly indicates, I will continue working diligently on responsible pension reform based on complete and factual information and a long-term financial strategy specific to Novato’s needs.”

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Pension Reform Pledge My Pledge: “As my record on the Novato City Council clearly indicates, I will continue working diligently on responsible pension reform based on complete and factual information and a long-term financial strategy specific to Novato’s needs.”

Pension Reform Pledge
My Pledge:
“As my record on the Novato City Council clearly indicates, I will continue working diligently on responsible pension reform based on complete and factual information and a long-term financial strategy specific to Novato’s needs.”