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Who's Responsible For City's $2 Billion Pension Deficit?

City employees are not part of the social security system. However they have similar withholdings which are paid into a third retirement account (the "Supplemental Pension Savings Plans"), and they have a firm handle on how much retirement savings they own. This is a more stable form of retirement savings than social security's pay as you go system.

City employees receive a gross allotment to pick among premium benefit plans. All the funds which are left over can be invested into their 401K. Thus, very few city employees fund their 401K's solely with their own wages. Most receive any additional contribution from the city.

No one in the private sector - ANYWHERE - gets benefits like city of San Diego employees

May 11, 2010 at 9:18 a.m. ( | suggest removal )