Remember that, at 52, President Clinton has a life expectancy of about 30 years. A City Charter change adopted by referendum in November will end San Francisco's two-tier police officer retirement system in effect since 1977. Fortunately, most funds kept a majority of their money in government securities, which, with the flight to quality, boomed, generally offsetting equity losses. The firefighters claimed that the County had an unwritten affirmative action policy that discriminated against them on the basis of race and gender. But don't cry for me Argentina until you hear the specifics.
Money is the root of all evil, and man needs roots.
Last month Arizona voters approved an amendment to the state constitution that will protect the state's four public retirement systems. The measure makes retirement systems' assets off limits to other uses, including as collateral for state borrowing. The systems cover virtually all state employees. We believe it's time to resurrect a similar measure that was proposed in Florida a few years back. At the time we noted that the Second District's decision was in conflict with a decision of the Third District Court of Appeal.