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Enron Revisited: City Pension Fund in No Better Shape

It was almost exactly six years ago that the City of San Diego was forced to admit that it had been cooking the books since 1996, and that unless it raised taxes or cut worker benefits, it would have to slash services. It has raised fees, modestly trimmed worker benefits, and deeply slashed services. So what is the state of the San Diego City Employees' Retirement System six years later? No better. Here are some numbers from the SDCERS board meeting Jan. 22, 2010: As of mid-2009, the funded ratio was a meager 66.5% and unfunded actuarial liability $2.11 billion. In 2004, when the horrible news hit, the ratio was 65.8% and the unfunded actuarial liability was a more manageable $1.37 billion. At mid-year 2009, the market value of assets was $3.5 billion. That was down from $4.4 billion a year earlier. There was a big rally in financial assets beginning in March of last year. But as of November of last year, the SDCERS fund assets had grown to $4.4 billion rounded off -- actually slightly less than the figure from mid-2008. Meanwhile, the City's ARC (annual required contribution) due July 1 has jumped 50% from a year earlier to $231.7 million.

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Filmora 14’s AI Tools Streamline Content Creation for Marketers

It was almost exactly six years ago that the City of San Diego was forced to admit that it had been cooking the books since 1996, and that unless it raised taxes or cut worker benefits, it would have to slash services. It has raised fees, modestly trimmed worker benefits, and deeply slashed services. So what is the state of the San Diego City Employees' Retirement System six years later? No better. Here are some numbers from the SDCERS board meeting Jan. 22, 2010: As of mid-2009, the funded ratio was a meager 66.5% and unfunded actuarial liability $2.11 billion. In 2004, when the horrible news hit, the ratio was 65.8% and the unfunded actuarial liability was a more manageable $1.37 billion. At mid-year 2009, the market value of assets was $3.5 billion. That was down from $4.4 billion a year earlier. There was a big rally in financial assets beginning in March of last year. But as of November of last year, the SDCERS fund assets had grown to $4.4 billion rounded off -- actually slightly less than the figure from mid-2008. Meanwhile, the City's ARC (annual required contribution) due July 1 has jumped 50% from a year earlier to $231.7 million.

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Lest We Forget: Pension Woes Worse Than Ever

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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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