The California Foundation for Fiscal Responsibility filed language for two ballot initiatives with the Attorney General’s Office this week that would cap new public employees’ retirement benefits, raise the eligible retirement age and eliminate the use of vacation pay and other perks to spike retirement pay.

The initiatives are identical except for a provision that would allow cities and other local agencies to exceed the benefit levels with a vote of the people. The foundation says it will poll voters on the option before it decides which initiative it will pursue.

The local vote option is clearly intended to deflect union criticism of the bill as a loss of local control. California agencies individually negotiate pension benefits as part of contracts with their labor groups.

Former moderate Republican Assemblyman Keith Richman, of Northridge, started the foundation.

After the Attorney General’s Office writes a title and summary, the foundation will need to obtain signatures in order to place it on the November 2010 ballot.

Read on for the full press release.

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