HomeMy WebLinkAboutReso 134-1992 RESOLUTION NO. 134-92
CITY C,)UNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SOUTH SAN FRANCISCO EXPRESSING
ITS SUPPORT FOR PROPOSITION 162
~EREAS, the California Pension Protection Act of 1992 is
an initiative measure on the November 3, 1992 ballot to protect
the integrity and security of all public pension systems; and
~EREAS, Governor Wilson led a successful raid on the
Public Employees Retirement System in 1991 when he took $1.9
billion to help close the multi-billion shortfall of the
state's 1991-92 budget; and
~EREAS, the assets of public pension systems belong only
to the participants of these systems and should be used
exclusively for satisfying all contractual obligations, which
include promptly providing benefits, efficiently administering
the system and prudently investing the assets; and
~EREAS, retired school employees, firefighters, police
officers and other local and state government employees depend
upon their pension benefits -- especially if they do not
qualify for Social Security benefits -- to meet basic
necessities such as food and shelter during their retirement
years; and
EREAS, the dignity and security of all retired citizens
are at!risk when their pension funds are raided; and
~EREAS, raids on public pension funds will burden
taxpayers with massive tax increases in the future; and
~EREAS, taxpayers of this state will not be guarded
agains~ future tax increases related to pension raids unless
public pension funds are protected; and
~EREAS, sole and exclusive power over the management and
investment of public pension funds must be held by retirement
boards; and
~EREAS, the California Pension Protection Act of 1992
does not confer any powers on retirement boards to increase
pension benefits; and
~EREAS, in order to protect the integrity and security of
all puDlic pension systems and to avoid the prospect of higher
taxes resulting from pension raids, the People must act now to
shield their funds from pension raids.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
city of South San Francisco that it shall endorse the
California Pension Protection Act of 1992.
5 hereby certify that the foregoing Resolution was
regularly introduced and adopted by the City Council of the
City of South San Francisco at a regular meeting held on
the 14th day of 0ct0ber , 1992 by the following
vote:
AYES:
NOES:
Councilmembers Jack Drago, Joseph A. Fernekes, Roberta Cerri
Teglia, Robert Yee, and Mayor John R. Penna
None
ABSTA-N: None
ABSENT: None
City Clerk