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Lest We Forget: Pension Woes Worse Than Ever

With all the City's other problems, the pension woes have seemingly dropped down the "Do" list. But Mike Aguirre, former city attorney, will go to the City of San Diego budget committee today and point out some numbers. The present value of future benefits was $7.2 billion in June of 2009, the last available data. When Jerry Sanders became mayor, it was $5.9 billion. That's a huge increase. The market value of assets of SDCERS was $4.4 billion in June of 2008 and dropped to $3.5 billion in June of 2009. The City's contribution has gone from $50 million in 2001 to $250 million. Now, the pension contribution is 40% of payroll. The funded ratio in June of 2009 was 66.5%. The worst it got under former Mayor Dick Murphy was 65.8%. Aguirre wants to see the City pick up the lawsuit he pursued unsuccessfully. He would like to see benefits frozen until assets catch up with liabilities. He would like to see a defined contribution plan; the defined benefit plan realistically has to be shelved. Of course, City unions argue that the benefits are cemented into the charter. The same argument is used at the state level -- the benefits are supposedly cemented in the constitution. Aguirre argues that the charter and the state constitution can be changed.

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With all the City's other problems, the pension woes have seemingly dropped down the "Do" list. But Mike Aguirre, former city attorney, will go to the City of San Diego budget committee today and point out some numbers. The present value of future benefits was $7.2 billion in June of 2009, the last available data. When Jerry Sanders became mayor, it was $5.9 billion. That's a huge increase. The market value of assets of SDCERS was $4.4 billion in June of 2008 and dropped to $3.5 billion in June of 2009. The City's contribution has gone from $50 million in 2001 to $250 million. Now, the pension contribution is 40% of payroll. The funded ratio in June of 2009 was 66.5%. The worst it got under former Mayor Dick Murphy was 65.8%. Aguirre wants to see the City pick up the lawsuit he pursued unsuccessfully. He would like to see benefits frozen until assets catch up with liabilities. He would like to see a defined contribution plan; the defined benefit plan realistically has to be shelved. Of course, City unions argue that the benefits are cemented into the charter. The same argument is used at the state level -- the benefits are supposedly cemented in the constitution. Aguirre argues that the charter and the state constitution can be changed.

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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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