SAN DIEGO, CA–The San Diego Institute for Policy Research (SDI) released additional findings in its on-going research efforts. The “Barometer of San Diegans Opinions,” is a bimonthly assessment of San Diegans’ opinions on a range of civic and economic issues, conducted by Competitive Edge Research. “Today we released findings that show San Diegans support changing the City’s retirement system,” said Steve Francis, Founder and Chairman of The San Diego Institute for Policy Research. He added, “I think these findings are additional reasons why Mayor Sanders and the City Council should move forcefully in salary negotiations to put a new, 401K-like plan in place for
new City Employees.”
The poll, conducted from January 3-6 among 503 randomly selected adults within the City of
San Diego , first asked San Diegans to describe, in their own words, a defined benefit and defined contribution plan. The poll found a general lack of knowledge among respondents, with only 15% being able to correctly define both kinds of plans. Two-thirds could not correctly define either kind of plan and 19% got one right and one wrong. Even San Diegans who believe they are doing a good job in preparing for retirement or who have obtained advanced educational degrees have a limited understanding of the differences between these two kinds of retirement systems.
Interviewers then provided respondents snapshot descriptions of defined benefit and defined contribution plans and posed the following question:
San DiegoCityemployees participate in a defined benefit plan. (Opinions were rotated)
Some people argue . . . that the City should keep employees in a defined benefit plan because most public sector employers offer such a plan, the City needs to attract good employees and because the employees have in the past given up pay raises to make sure their pensions were increased.
