For the first time in its 40-year history, the city of Simi Valley is considering lowering its pension benefits for city employees.
The decision comes at a time when skyrocketing retirement costs are causing budgetary woes at all levels of government across California. Talks of pension reform are buzzing in the state Legislature and an initiative could be on the November ballot.
Though the city is not sure exactly how it will tackle the issue, one thing appears certain: It can no longer afford to maintain the status quo
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