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Aguirre Says State Regulation of Municipal Pension Plans Almost Non-Existent; Calls for Federal Regulation

City Attorney Michael Aguirre, saying that "California regulation of municipal pension plans is as a practical matter non-existent," is now calling for federal regulation of municipal pensions similar to the Employee Retirement Income Act of 1974 (ERISA), which rides herd on private sector pension plans. His latest investigative report notes that San Diego has broken the law repeatedly: failing to operate the Deferred Retirement Option Plan (DROP) on a cost neutral basis; failing to charge the full actuarial price for employees who purchase years of benefits for work never performed; allowing union presidents to be in the City pension plan; not amortizing the debt on a 15 year basis, and many other blatant violations. The report points out some of the present and former officials who benefit from unlawful benefits: former mayor Susan Golding voting herself retroactive benefits and underpaying while purchasing service credits; former city attorney Casey Gwinn receiving retroactive benefits while in office and underpaying for service credits, and similar violatrons by former mayor Dick Murphy, former auditor Ed Ryan, and former councilmembers Christine Kehoe, Judy McCarty, and Juan Vargas.

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City Attorney Michael Aguirre, saying that "California regulation of municipal pension plans is as a practical matter non-existent," is now calling for federal regulation of municipal pensions similar to the Employee Retirement Income Act of 1974 (ERISA), which rides herd on private sector pension plans. His latest investigative report notes that San Diego has broken the law repeatedly: failing to operate the Deferred Retirement Option Plan (DROP) on a cost neutral basis; failing to charge the full actuarial price for employees who purchase years of benefits for work never performed; allowing union presidents to be in the City pension plan; not amortizing the debt on a 15 year basis, and many other blatant violations. The report points out some of the present and former officials who benefit from unlawful benefits: former mayor Susan Golding voting herself retroactive benefits and underpaying while purchasing service credits; former city attorney Casey Gwinn receiving retroactive benefits while in office and underpaying for service credits, and similar violatrons by former mayor Dick Murphy, former auditor Ed Ryan, and former councilmembers Christine Kehoe, Judy McCarty, and Juan Vargas.

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SDCERS Does Mea Culpa Over 14 IRS Violations, but DROP and Purchase of Service Credits Still Not Before the Agency

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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