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Port and Airport Authority want secured assets

The city of San Diego's pension board met today to discuss a request from the Port District. The Port and the Airport Authority want to safeguard their assets in the city's troubled pension plan. KPBS reporter Alison St John has more.

The Pension Board told the Port District it will take another few months before it can act on changes designed to open the door for a possible parting of the ways.

The city's pension plan is seriously under funded at 67 percent, while the Port and the Airport Authority pension plans are healthier : between 80 and 90 percent funded. Port District Treasurer Jeff Macentee says he wants to clarify the terms of a termination agreement if the Port decides to leave the city's pension system.

Macentee: "What we have been asking for is that we memorialize a methodology for allocating the market value of the assets in the event of a termination."

The Port District and the Airport Authority together have almost $170 million invested in the $3.6 billion pension fund. The city fund has a deficit of at least $1.4 billion. Alison St John, KPBS NEWS.


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