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The city attorney's office is putting together a study for San Diego taxpayers showing just what a burden the pension obligations are. Among other things, the office has calculated that 314 current retirees are enjoying retirements with the present value of $1 million or more. (Present value is today's value of future payments.) This means that these retirees have the equivalent of a lump sum payment of $1 million. That's out of a total of 4,000 retirees. Another alarming figure: the present value of total future benefit payments (to current and future retirees) is $6.5 billion, or six times the general fund budget. These figures are only pensions -- not future healthcare payments.
The city attorney's office is putting together a study for San Diego taxpayers showing just what a burden the pension obligations are. Among other things, the office has calculated that 314 current retirees are enjoying retirements with the present value of $1 million or more. (Present value is today's value of future payments.) This means that these retirees have the equivalent of a lump sum payment of $1 million. That's out of a total of 4,000 retirees. Another alarming figure: the present value of total future benefit payments (to current and future retirees) is $6.5 billion, or six times the general fund budget. These figures are only pensions -- not future healthcare payments.