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City's pension liability zooms up by $937 million
The difference between the two: the Waterfall was done by managerial fiat as a way to cook the books. The 13th check had public hearings as well as being read twice at city council meetings to pass the ordinance. But you're correct both were needed for when the system did not meet the expected investment return.— December 27, 2016 3 p.m.
City's pension liability zooms up by $937 million
SportsFan0000 left out the "Waterfall" ripoff of the pension system. You may recall City managers would appropriate any earning above the expected return euphemistically calling it the "Waterfall". Then, they would use those earning to pay for OPEB, i.e. Retiree health care also promised by Wilson when he pulled the employees out of Social Security and Medicare. None of those stolen funds were ever repaid even after the IRS ruled the practice illegal.— December 23, 2016 9:52 a.m.
City's pension liability zooms up by $937 million
In the City of San Diego, all new hires, except police officers, ONLY GET Defined Contribution accounts.— December 23, 2016 9:43 a.m.
City's pension liability zooms up by $937 million
That may have happen originally, but Aguirre, as City Attorney, manipulated the SDCERS Board, which restated the clock on the statute of limitations. That led to litigation and the plaintiffs lost and were required to pay tens of thousands more for the purchase of credits.— December 23, 2016 9:40 a.m.
City's pension liability zooms up by $937 million
The city ended the DB plan for all new hires some time ago with the exception of 👮. Every new employee is enrolled in a DC plan as you suggested.— December 22, 2016 11:29 a.m.
City's pension liability zooms up by $937 million
Are you guys kidding? He's going to get right out there in Balboa Park with shovel and pale and start digging a new hole for the city taxpayers to deal with after he's termed out. None of these politicians act responsibly with our 💰. Then after the new debt is due it's c-ya later. Sadly it's our fault, we keep electing these people, believing their bull💩.— December 22, 2016 9:04 a.m.
Auditor finds water workers' ethics in the toilet
Sadly, a sense of entitlement. Many of the city's middle and upper level managers are provided cars are part of their compensation. Typically the cost of providing these cars is dramatically undervalued because of excessive personal use which has nothing to do with city operations. Imagine the dollar value of not having to pay for gas, maintenance, financing and insurance for the car you drive. Those employees who do not benefit from this lavish gift of taxpayer dollars obviously abuse it and then are never held accountable at any level. Good job Mr. Luna exposing this abuse. Now let's see what our Mayor does about it, if anything.— December 19, 2016 6:03 p.m.
Auditor finds water workers' ethics in the toilet
I don't believe his political affiliation is the cause of the blame. More likely it's because he is the CEO of the city and should have to explain why his subordinates, at every level, chose to ignore, or not have a clue about the fraud. In my opinion it's not about blame. It's the total lack of accountability and unwillingness of supervisors, managers and directors to hold anyone accountable. Leadership, or in this instance, the lack thereof, comes from the top. Faulconer doesn't lead, he's just there to get along so he just goes along.— December 19, 2016 1:57 p.m.
KFMB/Channel 8 pulls signal from Cox Cable
Ponzi: Sadly it's not just the county. It's the whole country. Looks like global warming IS a falicy, none of the delicate snowflakes are melting. If this continues there's no doubt our demise will follow.— December 19, 2016 12:35 p.m.
KFMB/Channel 8 pulls signal from Cox Cable
If KFMB-TV was getting $1.40 per cable subscriber per month national average as reported by financial analysts, and demanded 1000% more per subscriber per month, I'm just wondering where they settled, what this is going to cost and how Cox is going to pass this along to all of us "subscribers". I fear the domino effect. Now other local TV stations will demand parity and I forsee a large increase in the cable bills.— December 17, 2016 9:48 a.m.