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Downtown darling Kris Michell back in city government
In addition, SDCERS rules clealy state you must have five (full time years) years of service to the city before your are allowed to purchase service credits.— July 30, 2018 11:56 a.m.
Downtown darling Kris Michell back in city government
This does NOT make any sense! Scott Chadwick’s COO salary in 2015 was more than 250K according to Transparent California. Yet Michell can buy three years of service credit for $134K. I thought you are suppose to be paying BOTH sides of the pension costs when purchasing “air time” or service credits? Why would the cost of two years at the Deputy position/salary cost more than three years at the COO salary on a per year basis? Was some sort of sweetheart deal arranged in violation of the Charter?— July 30, 2018 11:39 a.m.
Study: county pension benefits soar
Stephan Douglas: It isn’t the first time, nor will be the last, that Mr. Bauder has schooled us with his extraordinary use of vocabulary. Probably has something to do with his PhD. spouse. But, I am just wondering about dinner table conversations with the Bauder kids. 👨🏻🎓— July 30, 2018 7:19 a.m.
Famosa and Nimitz plans point to density
Currently, private property on Voltaire Street, just across Nimitz Blvd, overlooking the parcel we are discusssing was demolished and is in the process of being redeveloped from commercial into many many housing units. Nearby, the old gas station which use to occupy the corner of Voltaire and Catalina was converted into several housing units and the now closed and shuttered “Coffee Bean” business. The Coffee Bean died for lack of parking other than one or two spaces at the curb. Our community is slowly and quietly becoming denser and denser and will be strangled by traffic and inadequate parking and services. Just like a frog set into cold water brought slowly to a boil, Point Loma is slowly becoming denser. Whether it’s along the Voltaire/Nimitz/Famosa area or in Roseville where old single family homes are replaced by four, six or eight condos these new higher densities will ultimately kill us. Overcrowding kills quality of life and leads to residential blight. The open space on Famosa is the last large open area on Point Loma. Let’s protect it.— July 29, 2018 8:41 a.m.
CPUC wipes away Peevey/Edison collusion, criminal investigation
The first hearing on the “change in liability doctrine” has been held. PG&E is now whining Gov. Brown legislative proposal does not go far enough in reducing, or eliminating liabilities for devestating wildfires caused by their equipment. In the meantime, CALFire has found PG&E’s equipment caused 8 of 15 wildfires in PG&E service territory. PG&E response is to change a reported 600 million annual profit to a loss. And to raise an alarm about rising insurance costs. Experts say the most devestating of the 2017 wildfires could have a 15 billion dollar cost. CALFires has yet to determine the cause of it. I have no doubt PG&E will be looking for ways to pass on the loss from shareholders to ratepayers. Meanwhile the legislature only has till its August 31st recess to ram through changes in the law before this legislative session ends. One can certainly argue when laws are rushed, nothing good comes of it. But in a one-party legislature what do you expect.— July 29, 2018 8:13 a.m.
Study: county pension benefits soar
I am confused by the physical order of Bill Sheffler’s, as a former SDCERS actuary, statement above. Is he arguing for or against negative amortization, funding deficits, both or neither? Or is it me, just finding things Actuarials try to say really difficult (sometimes I think on purpose) to understand.— July 28, 2018 10:30 a.m.
Study: county pension benefits soar
Alex Clark: I could not agree more with the statement: *“defined contribution plans are, with few exceptions, bad for workers.”* DC plans originated as tax shelters for high income individuals whose taxes would be substantially lower during their retirement years. Sheltering and deferring income from Uncle Sam’s taxes has always been a game/goal of the wealthy. But then the lights turned came on, on Wall Street. Millions in fees would be generated by millions of retirement accounts. More than a trillion dollars would be under its control. It was time to lobby Congress and voilá the 401k shifted the burden from corporations pensions to naïve uneducated individual investor. A Titanic sized disaster a decade or so from the boomer iceberg dead ahead.— July 28, 2018 10:07 a.m.
CPUC wipes away Peevey/Edison collusion, criminal investigation
And Governor Brown has forwarded legislation to committee to substantially reduce the liability power companies for wildfires. With a one party state legislature ratepayers and homeowners are screwed while shareholders and corporations will profit from negligence.— July 27, 2018 7:45 p.m.
Study: county pension benefits soar
There was a time when SDCERS and others were not allowed to play in the Wall Street casino. Their access was limited to so called “safe investments” such a Treasury notes and bonds.— July 27, 2018 4:55 p.m.
Study: county pension benefits soar
Real mismanagement of the City Treasury began in the mid to late 1990s during the Mayor Golding and Manager Jack McGrory era. Golding did EVERYTHING she could to further her political career, sucking up to Spanos for the expansion of the Stadium which we are still paying for today. Then they wooed the RNC in 1996 funneling/hiding millions of dollars wasted through the now defunct SDDPC. I still remember how Golding lost a literal ton of weight, just to look good on TV. Today however, not a pretty sight. McGrory and the ticket guarantee under his watch AND got the SDCERS Board to go along with a totally phony 80% funding backstop, for a city contribution “holiday”. McGrory and the rest of the city bureaucrats knew it was bogus with no intention whatsoever of ever making good on the multiple promises. And there was the “waterfall” but I’m getting off in the weeds. So let’s just say there were MANY MANY reasons for our pension problems. Both left laying the whole mess on their patsies, Mayor Murphy and the taxpayers. Later things were further negatively compounded by SB400, CalPERS, and Gray Davis, Governor, with expansion of pension benefits for state employees. A “perfect actuarial storm” for Enron by the Sea.— July 27, 2018 4:42 p.m.