San Diego City Council President Kevin Faulconer co-authored a pension reform bill with the Mayor of San Diego Jerry Sanders and spoke with Fox & Friends this morning. He discussed the city's plan to save itself from the $2.2 billion in unfunded liabilities by switching the pension plans to a 401K-style initiative. The reform would save the city $1 billion over the next 30 years. Currently, the city spends $220 million annually on pensions. Local unions are not going down quietly and are adamantly fighting to maintain the status quo. Faulconer emphasizes that, "The status quo is broken." Watch the video here:
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