Pension board lowers San Diego's annual payment $31M in response to stock market gains
San Diego’s pension board has unanimously approved lowering the city’s pension payment nearly $31 million during the new fiscal year, from $414.9 million to $384.3 million.
Critics say San Diego shouldn’t lower its pension payment when the city still faces nearly $3 billion in pension debt. But the actuary, Gene Kalwarski, stressed that the strong investment returns shrunk the debt from $3.34 billion to $2.95 billion.Investment gains shrink the city’s pension debt and annual payment because a crucial part of the city’s long-term payoff plan is significant growth in the value of investments made by the city’s pension system.
The city’s annual payment spiked nearly $50 million last January, from $365.6 million to $414.9 million. The city’s actuary had projected the payment to climb again this year to $423.1 million, but it shrank instead to $384.3 million. The pension system’s investments have fared similarly, gaining 23.6 percent between July 2020 and June 2021.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
$85M awarded to family of distressed man who died after confrontation with San Diego deputiesA jury has granted $85 million to the family of a man who suffered a mental health crisis and died when he was restrained by San Diego County sheriff’s deputies in 2015.
Read more »
Ukrainian refugee teacher and children find safety in San DiegoA Carmel Valley couple has volunteered to house a family of Ukrainian refugees. They are a single mother with three children hoping to make a new home in San Diego County.
Read more »
Five women inducted into San Diego County Women's Hall of FameThe women were recognized during the annual San Diego County Women's Hall of Fame event
Read more »
'Secret stairs' get a floral face-lift, another step toward spiffing up southeastern San DiegoCommunity groups launch efforts to beautify Valencia Park
Read more »
Average San Diego County gas price rises for 27th consecutive day -SAN DIEGO (KUSI) – The average price of a gallon of self-serve regular gasoline in San Diego County rose Monday for the 27th consecutive day, increasing 1.1 cents to a record $5.922, one day after rising 2.3 cents. The average price has risen $1.178 during the streak, according to figures from the AAA and Oil Price Information Service. It is...
Read more »