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Last login: Friday, July 1, 2011
Yes, let's do the math. Can we please see the math published that shows taxpayers what the City's pension obligations would be if the City had not under-funded the system, chose not to use the earnings (8% according to the Pension Reform Committee report 2004) to pay for future retirements coupled w/investment performance. Piss poor management was the cause of the current mess -not the fact the City has a defined pension plan, but because of of poor choices made by those in charge of managing the funds. And, most recent information published (June 2011) is contradicting the claim that a 401K plan will save the City money- on the contrary, will cost the City millions in the short term- "The colossal problem for the city is trying to pay off that $2.1 billion pension liability," Hovey said. "The 401(k) plan doesn't address that." Hovey is head of the San Diego City Employees' Retirement System. The tricky thing about doing the math-you need accurate data for the math to be correct.\
July 1, 2011 at 2:34 p.m.
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