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San Diego pension funds are cited prominently in Business Week Magazine's September 17, 2007 look into ailing public sector pension funds. "What's driving the high-risk investment policy is the pension system's deficit," says City Attorney Mike Aguirre in the article. He says the City's plan "is no longer a pension fund, [but] now more of a high-risk fund, backed by city taxpayers." Aguirre believes that more than $400 million of the pension fund is in hedge funds. The City's retirement system denies that this money is in hedge funds. The magazine article also notes that the county's fund lost $175 million investing in a hedge fund last year. The county claims it has recovered $80 million and expects to recover more through a fraud suit.
San Diego pension funds are cited prominently in Business Week Magazine's September 17, 2007 look into ailing public sector pension funds. "What's driving the high-risk investment policy is the pension system's deficit," says City Attorney Mike Aguirre in the article. He says the City's plan "is no longer a pension fund, [but] now more of a high-risk fund, backed by city taxpayers." Aguirre believes that more than $400 million of the pension fund is in hedge funds. The City's retirement system denies that this money is in hedge funds. The magazine article also notes that the county's fund lost $175 million investing in a hedge fund last year. The county claims it has recovered $80 million and expects to recover more through a fraud suit.