City’s pension fund payment to be revealed Fri.
Thursday, March 16, 2006
The mayor will present his proposed budget next month, and it is bound to include painful cuts. But city leaders aren't saying just how deep cuts to city services will be until they find out what they have to pay into the pension fund.
The pension board's new independent legal counsel, Harvey Leiderman, says this year the number will not be modified to make things easier for the city. Leiderman: "The actuary will tell us all how much money is going to be needed to come into the system to fund it properly and it's not going to be based on any political pressures." The pension board has hired a new actuary to replace the company that advised them in 2002. That's when alleged conflict of interest led to under funding the plan in return for increasing benefits.
This year's payment to help reduce the massive deficit could be as much as one third of the city's budget. Alison St John, KPBS news.
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