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Davis Resigns from Pension Board

Former bank president Peter Q. Davis, who ran twice for Mayor of San Diego, has quit the city's pension board in a disagreement over recent estimates of the pension shortfall. KPBS reporter Alan Ray h

Davis Resigns from Pension Board

Former bank president Peter Q. Davis, who ran twice for Mayor of San Diego, has quit the city's pension board in a disagreement over recent estimates of the pension shortfall. KPBS reporter Alan Ray has the story.

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Davis was appointed to the board nearly a year ago by Mayor Jerry Sanders, who says he didn't ask Davis to resign and was surprised that he did.

Davis sent an e-mail this week to pension staff members saying he disagreed with the Mayor over a recent actuarial report showing the city pension fund deficit had dropped from $1.43 billion to a billion. The report also called for the city to pay $138-million into the fund this year to meet its annual obligation.

The numbers were lower than the city had expected, and Sanders said he'd get an analysis from his own pension expert before he accepted them.

Davis had reportedly met privately with the mayor and accused him of making the pension board look bad. Then Davis resigned. Alan Ray, KPBS News