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Pension Costs Reach 69% of City Payroll, Says DeMaio

Councilmember Carl DeMaio says that the City's annual pension payments have zoomed to more than $231 million or an astounding 42% of City payroll. "When factoring in the cost of all city retirement benefits, taxpayers are servicing a cost of more than $370 million annually, or a staggering 69% of City payroll," says DeMaio in a statement on his website that will be printed in the Transcript tomorrow (Jan. 20). In his State of the City speech Jan. 13, Mayor Jerry Sanders heaped scorn on those who advocate "pinning our hopes on pension take-backs that courts have said are illegal." But DeMaio says the City can reduce pension costs "through reforms that achieve actuarial savings (managed competition, salary freezes, reductions-in-force, etc.) and achieving savings in other parts of employee compensation to pay down accrued pension liabilities (increasing employee contributions, eliminating supplemental pension contributions, etc.)." The City has been picking up a share of employees' pension contributions; giving supplemental pension contributions to some employees, and giving terminal leave benefits by which employees keep accruing service benefits after they retire. All these should be reformed, along with the notorious double-dipping Deferred Retirement Option Plan (DROP).

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Councilmember Carl DeMaio says that the City's annual pension payments have zoomed to more than $231 million or an astounding 42% of City payroll. "When factoring in the cost of all city retirement benefits, taxpayers are servicing a cost of more than $370 million annually, or a staggering 69% of City payroll," says DeMaio in a statement on his website that will be printed in the Transcript tomorrow (Jan. 20). In his State of the City speech Jan. 13, Mayor Jerry Sanders heaped scorn on those who advocate "pinning our hopes on pension take-backs that courts have said are illegal." But DeMaio says the City can reduce pension costs "through reforms that achieve actuarial savings (managed competition, salary freezes, reductions-in-force, etc.) and achieving savings in other parts of employee compensation to pay down accrued pension liabilities (increasing employee contributions, eliminating supplemental pension contributions, etc.)." The City has been picking up a share of employees' pension contributions; giving supplemental pension contributions to some employees, and giving terminal leave benefits by which employees keep accruing service benefits after they retire. All these should be reformed, along with the notorious double-dipping Deferred Retirement Option Plan (DROP).

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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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