Backers of an effort to slash the retirement of public servants got a stiff dose of reality this month when leaders of the state's top public investment funds raised red flags about the plan that could be headed for the 2016 ballot.
They said the latest proposal on public pensions from former San Diego Councilman Carl DeMaio and former San Jose Mayor Chuck Reed would undermine decades of labor law and collective bargaining precedent and threaten retirement security for tens of thousands of working families.