Retirement board seeks to roll back pension benefits
Tuesday, March 28, 2006
The city retirement fund has a deficit of $1.4 billion. The deficit is caused in part by the decisions to underfund the pension system while increasing benefits for city employees. Aquirre says San Diego Superior Court Judge Jeffrey Barton is considering the board's lawsuit. He adds that if the benefits are rolled back, it could save the city millions.
Aguirre: With the stroke of his pen Judge Barton can return the city of San Diego to financial soundness by ridding ourselves of these illegal pension benefits that were created with no funding and in exchange for an illegal agreement on the part of the SDCERS Board to not require the city to make full actuarial contributions.
Aquirre estimates the rollback could cut the pension deficit by roughly one third.
Retirement board officials did not return calls for comment. Ed Joyce, KPBS News.
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